MONTREAL, Aug. 13 /CNW Telbec/ - The trustees of BTB Real Estate
Investment Trust (TSX-V: BTB.UN) ("BTB") are proud to announce that, after the
conclusion of the due diligence process, it has now closed the acquisition of
four commercial properties in the cities of Drummondville, Sherbrooke and
Trois-Rivières, Province of Quebec for a total purchase price of $15.6 M
excluding closing costs. With the conclusion of this acquisition, BTB has now
closed over $226 M worth of properties representing over 2.2 M square feet of
leasable area. BTB management estimates that this transaction will generate an
accretive cash flow of $0.013 per outstanding unit.
1100 & 1108-1136 St-Joseph Boulevard, Drummondville, Quebec
This commercial strip mall of 25,176 square feet was built in 2003 and is
a prominent fixture of this community. The property is occupied by a
well-known financial institution, a prominent food store, a women's health and
fitness center, a frozen food retailer, a bistro and a restaurant.
747-805 King Street East, Sherbrooke, Quebec
This commercial building of 33,483 square feet is strategically located
on Sherbrooke's main artery and is occupied by prime tenants such as two major
financial institutions, a frozen food retailer, a restaurant, a major food
chain and a wireless phone retailer.
33-66 Jacques-Cartier Boulevard North, Sherbrooke, Quebec
Located in Sherbrooke's main shopping district, this strip mall of
31,260 square feet is close to amenities. It is occupied by a major fast-food
chain, a travel agency, a cleaner, a liquor store, a prominent food store, a
major video rental and sales store and a sushi restaurant.
665-669 Thibeau Boulevard, Trois-Rivières, Quebec
Well-located on one of Trois-Rivières main arteries, this strip mall of
13,471 square feet is fully-leased and occupied by one of Canada's leading
coffee/doughnut chains, as well as a prominent food store.
As part of this transaction, BTB secured a first ranking mortgage loan in
the amount of $10.8 M for a term of 5 years, bearing interest at an annual
rate of 5.51%, with CIBC Mortgages Inc.
As part of this transaction, compensation will be paid to AMTB Management
Inc. (a corporation controlled by Mr. Léonard), which provides the services of
Messrs. Michel Léonard and Peter Polatos to BTB. Messrs. Léonard and Polatos
are trustees of BTB. They have disclosed their interest in the transaction and
did not vote on the resolution of the trustees approving it. Its review and
approval was made in the context of an accepted and generally used procedure
in similar circumstances.
Forward Looking Statements
This press release contains forward looking statements. Forward-looking
statements are subject to risks, uncertainties and assumptions. Although the
trustees of BTB believe that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct. Some of the factors and risks which
could affect future results and could cause results to differ materially from
those expressed in the forward-looking statements contained herein include the
impact of general economic conditions, industry conditions, governmental
regulation, environmental risks, competition from other industry participants,
stock market volatility, the ability to access sufficient capital from
internal and external sources and the risk of fluctuation and variation in
actual operating results, which variation may be material. A full description
of these risks and uncertainties can be found in BTB's Short Form Prospectus
dated March 13, 2008 and Annual Information Form dated April 28, 2008 which
are available electronically at www.sedar.com.
The forward-looking statements contained herein are expressly qualified
in their entirety by this cautionary statement. The forward-looking statements
included herein are made as of the date hereof and BTB does not undertake any
obligation to publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise.
The TSX Venture Exchange has in no way passed upon the merits of the
transactions and has neither approved nor disapproved the contents of
this press release. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Mr. Michel Léonard, President and Chief
Executive Officer, (514) 286-0188