BTB Real Estate Investment Trust T.BTB.DB.H

Property SOLD NR = copy

[TimeBuilder]

BTB Announces the Sale of an Office Property Located On the Island of Montral, Qubec

CNW Group - Wed Oct 7, 7:00AM CDT

 

BTB Announces the Sale of an Office Property Located On the Island of Montral, Qubec

Canada NewsWire

MONTRAL, Oct. 7, 2020

MONTRAL, Oct. 7, 2020 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX:BTB-UN.TO) (" BTB " or the " REIT ") announces the disposition of an office property located at 550-560 boulevard Henri-Bourassa Ouest, in Montral, Qubec.

Located on a major artery in the Ahuntsic neighborhood on the island of Montral, 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.

[Dibah42]

Not a bad price given the 54% occupancy and location (Ahuntsic) not the most chich.  Plus the trend to work from home doesn't bode well for office properties. On the other hand the residential market is the hottest I've seen since 1976. https://montreal.ctvnews.ca/montreal-remains-a-real-estate-sellers-market-as-sales-break-records-in-august-1.5094576

[15Stanmore]

Gross selling price before transaction costs was $4,350,000. Gross purchase price in 2008 was $4,000,000 before transaction costs. Let's call it a breakeven after costs, for a property held for 12 years. Where is the capital appreciation after a 12 year hold and I am sure was top notch building management and ongoing building system cost effective improvements. Why was half the building empty