MONTRÉAL, May 3, 2023
/CNW/ - BTB Real Estate Investment Trust (TSX: BTB.UN)
("BTB " or the " REIT") announces the
acquisition of an industrial property located at 8810 48 Avenue NW,
in Edmonton, Alberta.
The purchase price for this property totals 7.35 million dollars, excluding transaction
fees and adjustments. To conclude this acquisition, BTB will issue
550,000 units to the seller at a price of $4.50 per unit
and the balance of the purchase price will be funded via a mortgage
in the property.
About the Property
Built in 1978, this 83,292 square foot industrial property is
located in the heart of the McIntyre Industrial Park and is
currently leased to four tenants, including Redco Equipment Sales
Group ("Redco"), already a BTB client at 8743 50th Avenue NW,
Edmonton, Alberta. Redco is one of
the major players in the wellhead completion tools sector in the
Canadian market of fossil energies. Over the past twenty years,
Redco has experienced unparalleled growth, continually picking up
market share and diversifying with new product offerings and
strategic acquisitions of proprietary technologies. The company now
has more than 250 employees, and its operations extend across
Western Canada, from British Columbia to Saskatchewan.
About BTB
BTB is a real estate investment trust listed on the Toronto
Stock Exchange. BTB REIT invests in industrial, off-downtown core
office and necessity-based retail properties across Canada for the benefit of their investors. As
of today, BTB owns and manages 75 properties, representing a
total leasable area of approximately 6.1 million square
feet.
People and their stories are at the heart of our
success.
For more detailed information, visit BTB's website at
www.btbreit.com.
SOURCE BTB Real Estate Investment Trust