MONTRÉAL, Aug. 16, 2018 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB"), further to the conclusions of its strategic review of its portfolio, announces the sale of a property located at 3036-3094 Chemin Chambly, Longueuil, in the province of Québec, for total proceeds of $5.65 million. The net proceeds will be allocated to repay the outstanding lines of credit.
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 71 retail, office and industrial properties for a total leasable area of approximately 5.6 million square feet. BTB's asset value is approximately $830 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