MONTRÃAL, Nov. 16, 2020 /CNW Telbec/ – BTB Real Estate Investment Trust (TSX: BTB.UN) (“BTB” or the “REIT“) announces the acquisition of an industrial property located at 2005 le Chatelier Street, in Laval, Québec.
Acquired for the price of $8.1 million (excluding transaction costs) and with a total leasable area of 34,200 square feet, the property is entirely leased to Kolostat, an industry leader in HVAC mechanical solutions.
Having started in the industry as heating contractors in 1927, Kolostat is a fully integrated mechanical contractor in the industrial and commercial HVAC fields with offices located in Montréal and Toronto, with the ability to deliver world-wide projects. Kolostat has evolved over the years to become a multidisciplinary team composed of engineers, designers, draftsmen, control technicians and project managers in order to offer unparalleled results for their clients.
ABOUT BTB
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. As at November 16th, 2020, BTB owns 64 retail, office, and industrial properties for a total leasable area of approximately 5.3 million square feet and an approximate total asset value as at September 30th, 2020 of approximately of $946M.
BTB’S OBJECTIVES
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(1) |
Generate stable monthly cash distributions that are reliable and fiscally beneficial to unitholders; |
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(2) |
Grow the Trust’s assets through internal growth and accretive acquisitions in order to increase distributable income and therefore refund distributions; |
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(3) |
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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