MONTRÉAL, May 26, 2014 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") is proud to announce that, after the conclusion of the due diligence process, it has purchased a commercial property in Saint-Jean-sur-Richelieu, province of Quebec. The purchase price for this property is $31.6 million, excluding transaction fees and brings to 69 the number of properties owned by BTB, for a total leasable area of 4.8 million square feet.
Located on a major artery, this complex houses well known national retailers such as Pharmaprix (Shoppers), SuperC (Metro) and Dollorama, as well as a Quebec Government medical clinic. This complex is 97% occupied and its rentable area is approximately 226,000 square feet.
About BTB
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 69 commercial, office and industrial properties for a total leasable area of approximately 4.8 million square feet. BTB's asset value is in excess of $575M. 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%.
Image with caption: "1000 du Séminaire Boulevard North, Saint-Jean-sur-Richelieu, Quebec. (CNW Group/BTB Real Estate Investment Trust)". Image available at: http://photos.newswire.ca/images/download/20140526_C2640_PHOTO_EN_2288.jpg
SOURCE: BTB Real Estate Investment Trust
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
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB’s investment strategy is focused on acquiring industrial properties in the Canadian major markets. As of today, BTB owns and self-manages a portfolio of 72 properties, including industrial,...
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