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BTB Will Surpass a Total Asset Value of $1B Dollars by Acquiring Two Class A Life-Science and Tech Suburban Office Properties and Announces the Conclusion of a New Acquisition Facility to Support Growth
BTB Will Surpass a Total Asset Value of $1B Dollars by Acquiring Two Class A Life-Science...
About this update from Btb Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BTB Will Surpass a Total Asset Value of $1B Dollars by Acquiring Two Class A Life-Science and Tech Suburban Office Properties and Announces the Conclusion of a New Acquisition Facility to Support Growth\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 Oct. 14, 2021\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 that it has waved conditions for the acquisition of two Class A life-science and technology office buildings located at 2600 Alfred-Nobel Boulevard and at 2344 Alfred-Nobel Boulevard (the \"\n \n Properties\n \n \") in the\n \n Saint-Laurent\n \n borough of Montréal, province of Québec. The REIT also successfully closed a new financing agreement with the National Bank of\n \n Canada\n \n .\n \n \n The aggregate purchase price for the Properties is\n \n $74 million dollars\n \n and this accretive acquisition should be concluded by the end of\n \n October 2021\n \n and will be funded from proceeds received from the last equity raise and available funds. Therefore, BTB does not have to raise additional equity to complete this acquisition.\n \n \n \n \n \n \n \n \n \n \n ABOUT THE PROPERTIES\n \n \n \n Built in 2009 and in 2015, the Properties house state of the art office space which are fully leased to leaders in the life-science and technology fields including,\n \n Bristol-\n \n Myers Squibb\n \n , Hewlett Packard Enterprise, ICU Medical, Haivision Systems, Innomar Strategies, Lundbeck Canada, and Beiersdorf. The Montréal Technoparc is an important technology hub in\n \n Montreal\n \n .\n \n \n This acquisition is consistent with BTB's strategy of acquiring high quality assets with a solid tenancy base. BTB already owns two other Class A properties\n \n (2250 Alfred-Nobel Boulevard and 7150 Alexander-Fleming Street) in the Montréal Technoparc, consolidating BTB's position in this important technology hub.\n \n \n Moreover, a light rail station is being built by CDPQ (REM) just minutes from the...