MONTRÉAL, Jan. 8, 2019 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") is pleased to announce the acquisition of two office properties located at 3111 and 3131 Saint-Martin Boulevard West in Laval, Québec.
With a total leasable area of more than 152,000 square feet, this $25,310,000 acquisition, excluding transaction fees, brings to 67 the number of properties owned by the Trust. These two properties are long term leased by prestigious tenants including: Desjardins, the law firm Therrien Couture, GPL Assurance, National Bank of Canada, Processia and Sunlife Financial. This acquisition is in line with 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.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. BTB now owns 67 retail, office and industrial properties for a total leasable area of more than 5.4 million square feet. BTB's asset value is approximately $825 million. 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