BTB announces the sale of one of its commercial properties
MONTREAL, May 23, 2013 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") announces the sale, by one of its subsidiaries, of one of its properties bearing civic address 2220 Lapinière, in the City of Longueuil (borough of Brossard), province of Québec. This property of approximately 16,867 square feet was acquired on November 7, 2006, and is sold since it no longer meets the investment parameters management has defined in its portfolio performance review. The proceeds of the sale for this property are $2,375,000 and the original purchase price was $2,275,000.
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 66 commercial, office and industrial properties for a total of more than 4.5 million square feet. BTB's asset value is approximately $525M. 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