MONTREAL, Dec. 21, 2012 /CNW Telbec/ - BTB Real Estate Investment Trust
(TSX: BTB.UN) ("BTB" or the "REIT") is proud to announce that, after the conclusion of the due diligence
process, it has now closed the acquisition of one office property in
the City of Ottawa, Ontario, and two retail and office properties in
the Cities of Dollard-des-Ormeaux (Montreal) and
Saint-Jean-sur-Richelieu, province of Québec, for a total purchase
price of $62.3 million excluding closing costs. With the conclusion of
these acquisitions, BTB has now over $500 million worth of assets and
properties representing over 4.3 million square feet of leasable area.
1-9 and 10 Brewer Hunt Way, Ottawa (Kanata), Ontario
This campus style office complex located in the Kanata suburb of Ottawa
is comprised of five interlinked single-storey buildings totaling
approximately 132,067 square feet and it is fully occupied. The main
tenants are Flextronics (36.9%) (NASDAQ: FLEX) and Optelian (29.5%).
11600 to 11800 De Salaberry Blvd., Dollard-des-Ormeaux, Québec
This well-known and successful retail property is a premier neighborhood
food anchored known as 'Marché de l'Ouest', prominently and centrally
located in the West Island of Montreal. Its total rentable area is
approximately 128,215 square feet and enjoys an occupancy rate of
99.7%. Its major tenants include IGA (Sobeys), Dollarama (TSX: DOL.TO),
Bulk Barn and Madisons.
315 MacDonald, Saint-Jean-sur-Richelieu, Québec
This three-storey property is used by retail and office tenants on the
ground floor, and office tenants on the second and third floors. The
total rentable area of the property is approximately 170,074 square
feet and its occupancy rate is 97.8%. Its largest tenants include City
Hall for the city of Saint-Jean-sur-Richelieu including its Police
station and the Government of Québec. These tenants generate 60% of the
gross revenue of the property.
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 65 commercial, office and industrial properties for a total of
more than 4.3 million square feet. BTB's asset value is in excess of
$500M. The objectives of BTB are: (i) to grow the 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.
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