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BTB Announces the Sale of an Office Property Located On the Island of Montréal, Québec
BTB Announces the Sale of an Office Property Located On the Island of Montréal, Qu&#...
About this update from Btb Real Estate Investment Trust
[{"type":"text","content":"BTBReit-SaleBldngMtl\n \n \n \n BTB Announces the Sale of an Office Property Located On the Island of Montréal, Québec\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 MONTRÉAL, Oct. 7, 2020\n \n \n \n \n MONTRÉAL,\n \n Oct. 7, 2020\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 disposition of an office property located at 550-560 boulevard Henri-Bourassa Ouest, in Montréal, Québec.\n \n \n Located on a major artery in the Ahuntsic neighborhood on the island of Montréal, this property located at 550-560 boulevard Henri-Bourassa was acquired in March of 2008 for a purchase price of\n \n $\n \n \n 4 million\n \n , excluding transaction costs. When BTB approved its portfolio repositioning strategy, this property was identified as a potential for disposition since that the property did not meet BTB's asset detention criteria. The occupancy rate of the property, as of today, stands at 58.4 %. BTB disposed of the property for a total consideration of\n \n $\n \n \n 4.35 million,\n \n excluding transaction costs.\n \n \n \n \n \n \n \n \n \n \n ABOUT BTB\n \n \n \n BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern\n \n Canada\n \n . As at\n \n October 7\n \n \n th\n \n , 2020, BTB owns 63 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\n \n June 30\n \n \n th\n \n , 2020 of approximately of\n \n $935M\n \n .\n \n \n \n BTB'S OBJECTIVES\n \n \n \n \n Generate stable monthly cash distributions that are reliable and fiscally beneficial to unitholders;\n \n \n \n \n Grow the Trust's assets through internal growth and accretive acquisitions in order to increase distributable income and therefore refund distributions;\n \n \n \n \n Optimize the value of its assets through the dynamic management of its properties in order to maximize the lon...