MONTRÉAL, Jan. 13, 2020 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") announces the sale of an industrial property located at 311 Ingersoll St. South in Ingersoll, Ontario, for total proceeds of $13.3 million. BTB purchased the property in November 2012.
"We received a notice from our tenant that they were not renewing their lease for 200,000 square feet and consequently, we put the space on the market with a local broker to find a new tenant. Subsequently, we received an offer to purchase the property from an investor and after negotiating, we agreed to sell the property to said investor. Strategically, we opted to proceed with the disposition in order to reduce our risk and moreover, the sale was concluded at profit for BTB." – Michel Léonard, President and CEO.
BTB AS AT JANUARY 13th, 2020
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. As at January 13th, 2020, BTB owns 65 retail, office and industrial properties for a total leasable area of approximately 5.5 million square feet and an approximate total asset value of approximately of $900M.
- Generate stable monthly cash distributions that are reliable and fiscally beneficial to unitholders;
- Grow the Trust's assets through internal growth and accretive acquisitions in order to increase distributable income and therefore refund distributions;
- Optimize the value of its assets through the dynamic management of its properties in order to maximize the long-term value of its properties and therefore, its units.
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%.
For more detailed information, visit BTB's website at http://www.btbreit.com/.
SOURCE BTB Real Estate Investment Trust
For further information: Mr. Michel Léonard, President and Chief Executive Officer, (T) 514-286-0188, (E) [email protected]; Mr. Benoit Cyr, Vice-President and Chief Financial Officer, (T) 514-286-0188, (E) [email protected]