MONTREAL, June 6, 2018 /CNW Telbec/ – BTB Real Estate Investment Trust (TSX: BTB.UN) (“BTB” or the “REIT“) announces today that on June 4, 2018 it proceeded with the acquisition of the 25% equity balance in Complexe Lebourgneuf Phase II situated at 815 Lebourgneuf Boulevard in the City of QuÃ©bec City, which it did not own for $7.5 million, including assumed indebtedness, which represents an implied capitalization rate of 6.75%. The REIT has satisfied the purchase price through the issuance of 532,265 limited partnership units to the seller at a price of $4.68 per unit. Each limited partnership unit shall be, exchangeable for the same number of BTB units.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is a significant property owner in eastern Canada. BTB owns 71 retail, office and industrial properties for a leasable area totaling in excess of 5.4 million square feet. BTB’s asset value is approximately $763 million. BTB’s objectives 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 to unitholders whereby the participants may elect to have their monthly cash distributions reinvested in additional units of BTB at a price based on the weighted average price for BTB’s Units on the Toronto Stock Exchange during the five trading days immediately preceding the distribution date, discounted by 3%.
SOURCE BTB Real Estate Investment Trust
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