MONTRÃAL, Nov. 8, 2021 /CNW Telbec/ – BTB Real Estate Investment Trust (TSX: BTB.UN) (“BTB” or the “REIT“) announces it finalized the previously announced acquisition of two class A office buildings, situated in the heart of the MontrÃ©al Technoparc (“Technoparc“), located at 2344 and 2600 Alfred-Nobel Boulevard (the “Properties“) in the Saint-Laurent borough of MontrÃ©al, province of QuÃ©bec.
ABOUT THE ACQUISTION
The acquired Properties are outstanding Class A office buildings built in 2009 and 2015, respectively, by one of Canada’s best developers, Broccolini Construction. The aggregate purchase price for the Properties, excluding transaction costs is $74 million. Having a total leasable area of 129,254 sq.ft. and of 108,724 sq.ft., respectively, the Properties house immaculate office spaces built with the highest quality and technical standards in the industry. The Properties are entirely leased to leaders in the life-science and technology fields including, Bristol-Myers Squibb, Hewlett Packard Enterprise, ICU Medical, Haivision Systems, Innomar Strategies, Lundbeck Canada, and Beiersdorf. The MontrÃ©al Technoparc is a highly sought-after location for businesses operating in technology and life science fields.
THE MONTRÃAL TECHNOPARC; A HIGH-TECH HUB
The Properties are located in a prime transit-oriented area and one of Canada’s leading technological and life-science hubs. The Technoparc is highly accessible by the Trans-Canada Highway and located in close proximity to the MontrÃ©al-Pierre-Elliott Trudeau International Airport, and Downtown MontrÃ©al. Moreover, a light rail station (REM) being built by the CDPQ just minutes away from the Properties and is an exceptional addition to public transit in the area.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. As of November 9th, 2021, BTB owns 64 retail, office, and industrial properties for a total leasable area of approximately 5.4 million square feet. As of September 30th, 2021, BTB’s approximate total asset value is approximately $962M.
- Generate stable monthly cash distributions that are reliable and fiscally beneficial to unitholders;
- Grow the Trust’s assets through internal growth and accretive acquisitions in order to increase distributable income and therefore refund distributions;
- Optimize the value of its assets through the dynamic management of its properties in order to maximize the long-term value of its properties and therefore, its units.
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 3%.
For more detailed information, visit BTB’s website at www.btbreit.com.
SOURCE BTB Real Estate Investment Trust
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