MONTREAL, Nov. 2, 2012 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") is pleased to announce that, after the conclusion of the due diligence process, it has purchased a 50% interest in two commercial and office buildings located in Gatineau, Québec, for a total purchase price of $ 6,050,000 excluding closing costs. With the conclusion of these acquisitions, BTB now owns over $ 407 million of properties, representing over 3.7 million square feet of leasable area.
Purchase of a 50% interest in two buildings situated at 7 and 9 Montclair in Gatineau, Québec
Situated near Casino Lac-Leamay, in the City of Gatineau, BTB acquired a 50% interest in two commercial and office buildings that have a total leasable area of 74,425 square feet. The buildings are fully-leased to various tenants including the Federal Government, a retail location of L'Aubainerie chain, and a restaurant part of Houston Steakhouse chain.
To close on this purchase BTB secured a 5-year term financing at an interest rate of 3.18%, for a capital amount of $ 4,235,000 (BTB's share).
BTB is a real estate investment trust and its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of office, industrial, commercial and retail properties predominantly located in the province of Québec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.
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