MONTRÉAL, Aug. 27, 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 two office buildings in the city of Ottawa. This $28.5 million accretive transaction now brings to 75 the number of properties owned by BTB. The acquisition is financed by a $18.5 million mortgage loan on a 10-year term, bearing interest at 3.64%.
2200-2204 Walkley Road, Ottawa, Ontario
Built in the mid-80s and 90s, the two modern design buildings are located on Walkley Road, close to the Ottawa International Airport. The buildings' combined leaseable area totals approximately 159,000 square feet, housing mainly Canadian government offices.
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 75 commercial, office and industrial properties for a total leasable area of more than 5.2 million square feet. BTB's asset value is approximately $650M. 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