BTB purchases a 50% participation in a retail complex property
MONTREAL, Feb. 22, 2013 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") is proud to announce that, after the conclusion of the due diligence process, it has now purchased a 50% participation in a retail complex in Saint-Lazare, Québec, for the purchase price of $2.5 million excluding closing costs. With the conclusion of this acquisition, BTB has now closed approximately $500 million worth of properties representing over 4.3 million square feet of leasable area.
2265, 2665, 2673 and 2681 Côte Saint-Charles, Saint-Lazare, Québec
BTB acquired a 50% participation in this multi-tenant retail complex, built in 2011, that has a total leasable area of 15,186 square feet. Situated at 2265, 2665, 2673 and 2681 Côte Saint-Charles in Saint-Lazare, Québec, BTB acquired its participation for a total purchase price of $2.5 million, including the mortgage financing already in place. The retail complex harbours a Tim Hortons, an A&W, and a convenience store that is part of the Sobeys food chain.
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 4.3 million square feet. BTB's asset value is approximately $500M. The objectives of BTB are: (i) to grow its revenues from its assets to increase distributable income and therefore increase 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.
SOURCE BTB Real Estate Investment Trust