Business
BTB Announces the Acquisition of Two Class A Office Properties Located in Ottawa's Glebe Neighborhood
BTB Announces the Acquisition of Two Class A Office Properties Located in Ottawa's Glebe ...
About this update from Btb Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BTB Announces the Acquisition of Two Class A Office Properties Located in Ottawa's Glebe Neighborhood\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n MONTRÉAL,\n \n Jan. 10, 2022\n \n /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) (\"\n \n BTB\n \n \" or the \"\n \n REIT\n \n \") announces the acquisition of two modern Class A office properties located at 979 and 1031 Bank Street (collectively, the \"\n \n Properties\n \n \") in\n \n Ottawa, Ontario\n \n . The Properties are in the Glebe neighborhood (see description below), one of\n \n Ottawa's\n \n trendy neighborhoods just south of the downtown core.\n \n \n \n \n \n \n \n \n \n \n ABOUT THE PROPERTIES\n \n \n \n The Properties were acquired for a total consideration of\n \n \n $38.1 million\n \n \n , excluding transaction costs and increase BTB's total leasable area by 116,226 square feet. The REIT financed the acquisition by securing a first mortgage on the Properties for\n \n \n $24.8 million\n \n \n , with the balance satisfied with cash on hand and drawing on the existing acquisition credit facility.\n \n \n Both properties were built in 2015 and showcase breathtaking architectural designs with glass curtain walls, attractive and modern elevators, and a lobby with contemporary finishes.  The Properties house premium Canadian institutions such as The Royal College of Physicians and Surgeons of\n \n Canada\n \n , BMO Nesbitt Burns, CIRA, Field Effect Software, CPCS solutions, Boyden, and Joule.\n \n \n The leasable area of 979 Bank Street is 104,716 square feet, spread across 6 stories of modern office spaces that are leased to an exceptional tenant roster. It is to be noted that the retail portion of this property was not acquired by BTB.\n \n \n 1031 Bank Street is a standalone building, built adjacent to 979 Bank Street, with a leasable area of 11,510 square feet, that is also fully leased. The location of the Properties makes them coveted office buildings in the\n \n City of Ottawa\n \n given their location and premium construction.\...