MONTRÉAL, Feb. 2, 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 acquisition of an important shopping centre in a suburb of Montréal, more precisely in the city of Delson, Province of Quebec. The purchase price for this property is $21.5 million excluding transaction fees and brings to 73 the number of properties owned by BTB, totaling approximately 5.1 million square feet of leasable area. This acquisition is financed by a $14 million mortgage loan on a 15-year term, bearing interest at 3.55%.
Accessible via Highway 132 on the south shore of Montréal, this shopping centre offers 145 546 square feet of leasable area housing various national retail stores and restaurants such as Loblaws, Shoppers, SAQ, National Bank, Tim Hortons, Harvey's and Subway.
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 73 commercial, office and industrial properties for a total leasable area of approximately 5.1 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 5%.
SOURCE BTB Real Estate Investment Trust
Image with caption: "Plaza Delson, Georges-Gagné Blvd., Delson, Quebec (CNW Group/BTB Real Estate Investment Trust)". Image available at: http://photos.newswire.ca/images/download/20150202_C4203_PHOTO_EN_11723.jpg
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