BTB refinances two properties to generate savings in interest costs
06 Jul, 2015, 17:43 ET
MONTRÉAL, July 6, 2015 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") is pleased to announce that it has concluded the refinancing of two of its properties located in the City of Quebec for a total amount of $17.5 million, at an interest rate of 4.06% and for a term of 10 years. $12.5 million has been used to reimburse the two existing mortgages, one coming due in 2017 and bearing interest at a rate of 5.63% and the second bearing interest at a rate of 5.75%. The balance of $5 million will be affected to the Trust's activities.
The properties affected by this refinancing are:
- 6655 Pierre-Bertrand Boulevard, Quebec, QC
- 191 Amsterdam Street, St-Augustin-de-Desmaures, QC
This refinancing will save BTB approximately $200,000 in interest costs per year.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. BTB owns 73 commercial, office and industrial properties for a total leasable area of approximately 5.1 million square feet. BTB's asset value is in excess of $620M. 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
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
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