MONTRÃAL, Feb. 6, 2018 /CNW Telbec/ – BTB Real Estate Investment Trust (TSX: BTB.UN) (“BTB“) announces the sale one of its properties located at 2153-2155 Crescent Street, Montreal, in the province of QuÃ©bec, for total proceeds of $3.150 million. The net proceeds will be allocated to partially repay its outstanding lines of credit. This property houses the head office of BTB. Due to its growth in the recent years, BTB’s current premises no longer meet its needs. As a result, BTB will have to relocate its head office in the coming months.
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 71 retail, office and industrial properties for a total leasable area of 5.3 million square feet. BTB’s asset value is approximately $750 million. 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 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%.
SOURCE BTB Real Estate Investment Trust
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