Canada NewsWire
MONTRÉAL, Oct. 7, 2020
MONTRÉAL, Oct. 7, 2020 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) (" BTB " or the " REIT ") announces the disposition of an office property located at 550-560 boulevard Henri-Bourassa Ouest, in Montréal, Québec.
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 $ 4 million , 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 $ 4.35 million, excluding transaction costs.
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 October 7 th , 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 June 30 th , 2020 of approximately of $935M .
BTB'S OBJECTIVES
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Generate stable monthly cash distributions that are reliable and fiscally beneficial to unitholders;
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Grow the Trust's assets through internal growth and accretive acquisitions in order to increase distributable income and therefore refund distributions;
- 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