MONTREAL, March 4 /CNW Telbec/ - The trustees of BTB Real Estate
Investment Trust (TSX-V: BTB.UN) ("BTB") are proud to announce that, after the
conclusion of the due diligence process, it has now closed the acquisition of
two office properties located in Sherbrooke, province of Quebec for a purchase
price of $6.3M excluding closing costs. With the conclusion of this
acquisition, BTB has now closed over $190M worth of properties which is
equivalent to over 1.932M square feet of leasable area. BTB has previously
announced conditional agreements to acquire other commercial real estate
Place Jacques-Cartier - 1645 and 1640-1650 King Street West/30 Marchant
Street, Sherbrooke, Quebec
This acquisition consists of two office buildings that face each other on
one of the City of Sherbrooke and surrounding area's major commercial arteries
and busiest streets with high traffic flow. These buildings comprise
60,631 square feet of leasable area with a parking lot that offers 166 spaces.
The buildings are leased to prime tenants, including the Quebec Government and
several professional firms such as, notaries, attorneys, financial
consultants, labour union others.
This acquisition is consistent with management's strategy of acquiring
properties which are geographically well-located and have the potential to
increase revenues as stated by Mr. Michel Léonard, President and Chief
Executive Officer of BTB.
As part of this transaction, compensation will be paid to AMTB Management
Inc. (a corporation controlled by Mr. Léonard), which provides the services of
Messrs. Michel Léonard and Peter Polatos to BTB. Messrs. Léonard and Polatos
are trustees of BTB. They have disclosed their interest in the transaction and
did not vote on the resolution of the trustees approving it. Its review and
approval was made in the context of an accepted and generally used procedure
in similar circumstances.
Forward Looking Statements
This press release contains forward looking statements. Forward-looking
statements are subject to risks, uncertainties and assumptions. Although the
trustees of BTB believe that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct. Some of the factors and risks which
could affect future results and could cause results to differ materially from
those expressed in the forward-looking statements contained herein include the
impact of general economic conditions, industry conditions, governmental
regulation, environmental risks, competition from other industry participants,
stock market volatility, the ability to access sufficient capital from
internal and external sources and the risk of fluctuation and variation in
actual operating results, which variation may be material. A full description
of these risks and uncertainties can be found in BTB's Annual Information Form
dated January 16, 2008 which is available electronically at www.sedar.com.
The forward-looking statements contained herein are expressly qualified
in their entirety by this cautionary statement. The forward-looking statements
included herein are made as of the date hereof and BTB does not undertake any
obligation to publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise.
The TSX Venture Exchange has in no way passed upon the merits of the
transactions and has neither approved nor disapproved the contents of
this press release. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Mr. Michel Léonard, President and Chief
Executive Officer, (514) 866-1990 ext. 236; Renmark Financial Communications
Inc.: Maurice Dagenais: email@example.com; Victoria Stepanova:
firstname.lastname@example.org; Media - François Trépanier:
email@example.com, (514) 939-3989, Fax: (514) 939-3717,