MONTREAL, Nov. 7, 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 an industrial property near London, Ontario, for the purchase price of $10,282,250, excluding closing costs. With the conclusion of this acquisition, BTB now owns properties valued at more than $420 million, representing over 3.9 million square feet of leasable area.
311 Ingersoll, Ingersoll, Ontario
This industrial property has a leasable area of 200,000 square feet. It is situated at the crossroads of Ingersoll Street and Highway 401, one of Canada's busiest highways and opposite the CAMI Automotive plant (General Motors). It is located 10 minutes away from London, Ontario. The building is fully-leased to Hercules Tire Company of Canada, Inc., one of the world's leader in tire manufacturing and major purchaser of balance of stock liquidation from major tire manufacturers.
As part of this acquisition, BTB assumed a $6.6 million mortgage balance at an interest rate of 6.14%.
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.
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.
SOURCE BTB REAL ESTATE INVESTMENT TRUST