BTB Real Estate Investment Trust Announces Closing of $17.5M Issue of Units

BTB Real Estate Investment Trust is pleased to announce that is has closed its previously announced public offering of 19,450,000 units.  The Units were sold to a syndicate of underwriters led by National Bank Financial Inc. and Dundee Securities Ltd. and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. for total net proceeds to BTB of approximately $16.4 million, after deducting the underwriters' fee and the estimated expenses of the offering.

The net proceeds will be used (i) to purchase the remaining 50% interest BTB does not already own in Complexe Lebourgneuf (Phase 1), (ii) for a final repayment of the outstanding principal under BTB's acquisition credit facility, in the amount of $10.0 million (iii) to fund future acquisitions and (iv) for general corporate purposes.  The Units have been offered in all provinces of Canada by way of a short-form prospectus.

The Units have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements.

on March 29, 2011