BTB REIT acquires 3 properties

BTB Real Estate Investment Trust announces that, after the conclusion of a due diligence, it has purchased an office building and an industrial property in the City of Longueuil, and an industrial property in the City of Sherbrooke. All three properties are located in the province of Québec. The total purchase price is $14 million, excluding closing costs. At closing, the acquired properties will be fully leased to The S.M. Group Inc. by way of long term leases. With the conclusion of this acquisition, BTB now owns properties worth a total of approximately $520 million, representing approximately 4.6 million square feet of leasable area.
 
As part of this transaction, BTB secured a first ranking mortgage loan in the amount of $9.1 million for a term of 5 years, bearing interest at an annual rate of 3.95%, with MCAP.
 
2111 Fernand-Lafontaine, Longueuil, Québec
 
Strategically situated in the City of Longueuil, with quick access to Montreal through Highways 20 and 132, this office property comprises approximately 47,830 square feet.
 
2350 Chemin du Lac, Longueuil, Québec
 
This property which is used as an environmental laboratory has a leasable area of approximately 46,355 square feet, and is situated ten minutes from downtown Montreal.
 
3705 Industriel Blvd., Sherbrooke, Québec
 
Located in Sherbrooke's industrial park, this laboratory and office property has a leasable area of approximately 15,000 square feet, and benefits from an excellent exposure with easy access to Highways 10, 55 and 410.
 

on October 31, 2013