Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE BTB Real Estate Investment Trust
MONTREAL, Oct. 29, 2013 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") announces that, after the conclusion of a due diligence, it has purchased an office building and an industrial property in the City of Longueuil, and an industrial property in the City of Sherbrooke. All three properties are located in the province of Québec. The total purchase price is $14 million, excluding closing costs. At closing, the acquired properties will be fully leased to The S.M. Group Inc. by way of long term leases. With the conclusion of this acquisition, BTB now owns properties worth a total of approximately $520 million, representing approximately 4.6 million square feet of leasable area.
As part of this transaction, BTB secured a first ranking mortgage loan in the amount of $9.1 million for a term of 5 years, bearing interest at an annual rate of 3.95%, with MCAP.
2111 Fernand-Lafontaine, Longueuil, Québec
Strategically situated in the City of Longueuil, with quick access to Montreal through Highways 20 and 132, this office property comprises approximately 47,830 square feet.
2350 Chemin du Lac, Longueuil, Québec
This property which is used as an environmental laboratory has a leasable area of approximately 46,355 square feet, and is situated ten minutes from downtown Montreal.
3705 Industriel Blvd., Sherbrooke, Québec
Located in Sherbrooke's industrial park, this laboratory and office property has a leasable area of approximately 15,000 square feet, and benefits from an excellent exposure with easy access to Highways 10, 55 and 410.
About The S.M. Group
The S.M. Group is an engineering company specializing in construction, restoration, and infrastructure management with more than 1,600 professionals and specialists working in more than thirty countries. Through its quality control laboratories, chemistry and microbiology analysis, The S.M. Group offers a wide range of services in many areas, such as environmental, agricultural, food safety and food manufacturing processes, cosmetics and certain products in the pharmaceutical industry.
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. 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 (DRIP) 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%.
©2012 PR Newswire. All Rights Reserved.