MONTRÉAL, Feb. 15, 2016 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") is proud to announce, following the conclusion of a due diligence process, the purchase of an office building in downtown Montréal. This $11 million transaction, excluding transaction fees, now brings to 72 the number of properties owned by BTB. This acquisition is in line with BTB's strategic review where it is selling smaller properties while purchasing larger properties with better financial performance.
2101 Ste-Catherine West, Montréal, Québec
With a total leasable area of over 52,500 square feet, this fully renovated office building is entirely leased to Technicolor Canada Inc. For more than 100 years in the Media & Entertainment industry, Technicolor is considered the world leader in technology solutions for that industry and the fifth largest group in terms of licensing revenue.
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 72 commercial, office and industrial properties for a total leasable area of more than 5 million square feet. 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
For further information: please contact: 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