MONTRÉAL, Sept. 19, 2022 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "REIT") announces the sale of a retail and office property located at 5878-5882, Sherbrooke Street East, in Montreal, Quebec.
This 10,773 square foot building was acquired in July 2007. During the strategic repositioning of BTB's portfolio, this property was identified as a potential disposition since that the property did not meet the REIT's asset detention criteria. BTB therefore disposed of this building for a total consideration of $4.4 million, excluding transaction costs. The net proceeds of disposal will be reinvested in acquisitions of industrial properties.
About BTB
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is a property owner active in Canada and considering these transactions, it owns 75 properties, representing a total leasable area of approximately 5.9Msquare feet and a total asset value that surpasses $1.2B.
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
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