|By PR Newswire||
|August 13, 2014 04:15 PM EDT||
MONTRÉAL, Aug. 13, 2014 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") is proud to announce that, after the conclusion of a due diligence process, it has purchased an industrial property in a suburb of Quebec City. The purchase price for this sale and leaseback acquisition is $7.9 million, excluding transaction fees, and the lease term is 15 years, with an option to renew. This transaction brings to 71 the number of properties owned by BTB.
Located near Highway 40 and accessible via Route 138, this newly built complex sits on a parcel of land of 343,923 square feet and this high-bay industrial building has a leasable area of 40,400 square feet. This top-of-the-line facility consists of a main office and a showroom, a parts counter, a warehouse and a repair shop. It is occupied by a single tenant, Strongco Corporation. Strongco, a company listed on the Toronto Stock Exchange (TSX: SQP), is an important distributor of multiline construction heavy machinery in Canada, representing leading equipment manufacturers with globally recognized brands including Volvo Construction Equipment, Case Corporation, Manitowoc Crane Group, Terex Cedarapids, Terex Finlay, Ponsse, Fassi, Allied Construction, Taylor, ESCO, Dressta, Sennebogen, Jekko, Takeuchi, Link-Belt and Kawasaki.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. Today, BTB owns 71 commercial, office and industrial properties for a total leasable area of more than 4.8 million square feet. BTB's asset value is $584M. 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