MONTRÉAL, Aug. 1, 2018 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") is pleased to announce the acquisition of a retail power center known as the "Méga Centre Rive-Sud" in Lévis, Québec. This $42.6 million transaction, excluding transaction fees, brings to 72 the number of properties owned by the Trust.
This acquisition is in line with the conclusions of BTB's strategic review, selling its smaller properties or its properties located in smaller markets, while purchasing larger properties or properties located in larger markets in the provinces of Quebec and Ontario to maximize the Trust's financial performance.
625-730 De la Concorde, Lévis, Québec
This retail power centre has an approximate total leasable area of 205,000 square feet and it is anchored by Wal-Mart. It is located near Carrefour Saint-Romuald, a property recently purchased by BTB, and two shadow anchored retailers; Canadian Tire and Home Depot.
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 retail, office and industrial properties for a total leasable area to date of more than 5.6 million square feet. 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