MONTREAL, Feb. 22, 2013 /CNW Telbec/ - BTB Real Estate Investment Trust
(TSX: BTB.UN) ("BTB") is proud to announce that, after the conclusion of the due diligence
process, it has now purchased a 50% participation in a retail complex
in Saint-Lazare, Québec, for the purchase price of $2.5 million
excluding closing costs. With the conclusion of this acquisition, BTB
has now closed approximately $500 million worth of properties
representing over 4.3 million square feet of leasable area.
2265, 2665, 2673 and 2681 Côte Saint-Charles, Saint-Lazare, Québec
BTB acquired a 50% participation in this multi-tenant retail complex,
built in 2011, that has a total leasable area of 15,186 square feet.
Situated at 2265, 2665, 2673 and 2681 Côte Saint-Charles in
Saint-Lazare, Québec, BTB acquired its participation for a total
purchase price of $2.5 million, including the mortgage financing
already in place. The retail complex harbours a Tim Hortons, an A&W,
and a convenience store that is part of the Sobeys food chain.
BTB is a real estate investment trust listed on the Toronto Stock
Exchange. BTB is an important owner of properties in eastern Canada.
BTB owns 66 commercial, office and industrial properties for a total of
more than 4.3 million square feet. BTB's asset value is approximately
$500M. The objectives of BTB are: (i) to grow its revenues from its
assets to increase distributable income and therefore increase 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.
SOURCE: BTB Real Estate Investment Trust
For 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