Acquisition of a retail complex property in Saint-Jean-sur-Richelieu
MONTRÉAL, May 26, 2014 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") is proud to announce that, after the conclusion of the due diligence process, it has purchased a commercial property in Saint-Jean-sur-Richelieu, province of Quebec. The purchase price for this property is $31.6 million, excluding transaction fees and brings to 69 the number of properties owned by BTB, for a total leasable area of 4.8 million square feet.
Located on a major artery, this complex houses well known national retailers such as Pharmaprix (Shoppers), SuperC (Metro) and Dollorama, as well as a Quebec Government medical clinic. This complex is 97% occupied and its rentable area is approximately 226,000 square feet.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. Today, BTB owns 69 commercial, office and industrial properties for a total leasable area of approximately 4.8 million square feet. BTB's asset value is in excess of $575M. The objectives of BTB are: i) to grow its revenues from its assets to increase distributable income and therefore fund distributions; (ii) to maximize the value of its assets through dynamic management of its properties in order to sustain the long-term value of its units; and (iii) to generate cash distributions that are fiscally beneficial to unitholders.
BTB offers a distribution reinvestment plan to unitholders whereby the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB's Units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by 5%.
SOURCE BTB Real Estate Investment Trust
Image with caption: "1000 du Séminaire Boulevard North, Saint-Jean-sur-Richelieu, Quebec. (CNW Group/BTB Real Estate Investment Trust)". Image available at: http://photos.newswire.ca/images/download/20140526_C2640_PHOTO_EN_2288.jpgFor further information: Mr. Michel Léonard, President and Chief Executive Officer, 514-286-0188, ext. 228; Mr. Benoit Cyr, Vice-President and Chief Financial Officer, 514-286-0188, ext. 230