BTB acquires an additional 50% participation in a retail complex
MONTRÉAL, Dec. 12, 2013 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB"or the "REIT") is announcing that it has purchased an additional 50% participation in a retail complex located in Saint-Lazare, Québec, for the purchase price of $2.5 million, excluding closing costs.
2665, 2673 and 2681 Côte Saint-Charles, Saint-Lazare, Québec
BTB already owns 50% of this retail complex and acquired the remaining 50% interest. Consequently, the REIT now owns 100% of this retail complex. Some of the tenants include Sobeys, Tim Hortons and A&W.
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 69 commercial, office and industrial properties for a total leasable area of approximately 4.6 million square feet. BTB's asset value is in excess of $530M. 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