MONTRÉAL, Jan. 28, 2015 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") is proud to announce, following the conclusion of a due diligence process, the purchase of an industrial property in the city of Ottawa. The purchase price for this sale and leaseback acquisition is $12.6 million, excluding transaction fees. The lease term is 15 years. This acquisition is financed by a $8.3 million mortgage loan on a 15-year term, bearing interest at 3.58%. This transaction brings to 72 the number of properties owned by BTB.
Adjacent to the Ottawa Macdonald-Cartier International Airport, this high-bay industrial building was erected in 2005 and is offering 116,415 square feet of leasable area on a 6-acre land. It is occupied by a single tenant, the Lowe-Martin Group, one of the largest commercial printers in Canada, in operation since 1908.
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 72 commercial, office and industrial properties for a total leasable area of more than 4.9 million square feet. BTB's asset value is approximately $600M. 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%.
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