BTB's total asset value grows to $500 million following its acquisition of 3
MONTREAL, Dec. 21, 2012 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX:
BTB.UN) ("BTB" or the "REIT") is proud to announce that, after the conclusion
of the due diligence process, it has now closed the acquisition of one office
property in the City of Ottawa, Ontario, and two retail and office properties
in the Cities of Dollard-des-Ormeaux (Montreal) and Saint-Jean-sur-Richelieu,
province of Québec, for a total purchase price of $62.3million excluding
closing costs. With the conclusion of these acquisitions, BTB has now over
$500 million worth of assets and properties representing over 4.3 million
square feet of leasable area.
1-9 and 10 Brewer Hunt Way, Ottawa (Kanata), Ontario
This campus style office complex located in the Kanata suburb of Ottawa is
comprised of five interlinked single-storey buildings totaling approximately
132,067 square feet and it is fully occupied. The main tenants are Flextronics
(36.9%) (NASDAQ: FLEX) and Optelian (29.5%).
11600 to 11800 De Salaberry Blvd., Dollard-des-Ormeaux, Québec
This well-known and successful retail property is a premier neighborhood food
anchored known as 'Marché de l'Ouest', prominently and centrally located in
the West Island of Montreal. Its total rentable area is approximately 128,215
square feet and enjoys an occupancy rate of 99.7%. Its major tenants include
IGA (Sobeys), Dollarama (TSX:DOL.TO), Bulk Barn and Madisons.
315 MacDonald, Saint-Jean-sur-Richelieu, Québec
This three-storey property is used by retail and office tenants on the ground
floor, and office tenants on the second and third floors. The total rentable
area of the property is approximately 170,074 square feet and its occupancy
rate is 97.8%. Its largest tenants include City Hall for the city of
Saint-Jean-sur-Richelieu including its Police station and the Government of
Québec. These tenants generate 60% of the gross revenue of the property.
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
65commercial, office and industrial properties for a total of more than
4.3million square feet. BTB's asset value is in excess of $500M. The
objectives of BTB are: (i)to grow the 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.
Mr. Michel Léonard President and Chief Executive Officer 514-286-0188, ext.
228 Mr. Benoit Cyr Vice-President and Chief Financial Officer 514-286-0188,
SOURCE: BTB REAL ESTATE INVESTMENT TRUST
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-0- Dec/21/2012 19:12 GMT
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