MONTRÉAL, Aug. 3, 2017 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") is pleased to announce the purchase of a retail building in St-Hubert on the south shore of Montréal. This $23.2 million transaction, excluding transaction fees, upon closing, will bring to 72 the number of properties owned by the Trust. This accretive acquisition is in line with BTB's strategic review where it is selling its smaller properties while purchasing larger properties maximizing financial performance.
1949-1979 F.X. Sabourin Street, St-Hubert, Québec
Entirely leased, this power centre property has an approximate leasable area of 123,000 square feet and houses well-known national retailers such as Sportium (SAIL), Ashley Furniture and Dormez-vous.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. As of this closing, BTB will own 72 retail, office and industrial properties for a total leasable area of more than 5,2 million square feet. BTB's asset value will be approximately $675M. 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 3%.
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