Press release from CNW Group
Corrected press release - BTB announces the acquisition of an industrial building
Wednesday, April 03, 2013
Corrected press release - BTB announces the acquisition of an industrial building17:39 EDT Wednesday, April 03, 2013
MONTREAL, April 3, 2013 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") is proud to announce that, after the conclusion of the due diligence process, it has purchased an industrial property in Laval, province of Québec, for the purchase price of $11 million excluding closing costs. With the conclusion of this acquisition, BTB has now closed approximately $502 million worth of properties representing over 4.4 million square feet of leasable area. This press release replaces the press release issued by BTB on April 2, 2013 which mentioned an erroneous leasable area.
3695 des Laurentides Boulevard, Laval, Québec
This industrial property, dedicated to the production of medicinal products, has a leasable area of 132,665 square feet. It is well situated at the intersection of Highway 15 and Highway 440, within ten minutes of Montreal's International Airport. This property is fully-leased to Pharmetics.
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 67 commercial, office and industrial properties for a total of more than 4.4 million square feet. BTB's asset value is approximately $530M. 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 5%.
SOURCE: BTB Real Estate Investment Trust
For further information:
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, ext. 230