MONTRÉAL, Dec. 21, 2015 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") announces the sale of two commercial properties located at 2212-2226 Dollard Street in Montreal and 2004-2016 René-Laennec Blvd. in Laval in the province of Québec for total proceeds of $6.125 million. The net proceeds of approximately $2 million will be used by BTB to pay down the currently outstanding balance under its acquisition credit facility.
These properties are sold as they no longer meet the investment parameters management has defined in its last portfolio performance review.
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 71 commercial, office and industrial properties for a total leasable area of more than 5 million square feet. BTB's asset value is approximately $640M. 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: Mr. Michel Léonard, President and Chief Executive Officer, 514-286-0188 ext. 228