MONTRÉAL, April 16, 2014 /CNW/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "Trust") announces the sale of a commercial complex located at 7205 and 7235 St-Jacques Street West, in the City of Montreal, Province of Québec. This complex totalling approximately 25,400 square feet was acquired on February 1st, 2007. The sale price for this complex is $4,200,000.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. BTB owns 68 commercial, office and industrial properties for a total rentable area of approximately 4.6 million square feet. BTB's asset value is in excess of $545M. 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%.
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