Feb. 22, 2013
/CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("
") 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
, Québec, for the purchase price of
excluding closing costs. With the conclusion of this acquisition, BTB has now closed approximately
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
, Québec, BTB acquired its participation for a total purchase price of
, including the mortgage financing already in place. The retail complex harbours a
, 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
. 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
. 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.