Canadian dollars

BTB buys 50 per cent interest in two commercial and office buildings

Mon, 05/11/2012 - 14:05

BTB Real Estate Investment Trust has purchased a 50 per cent interest in two commercial and office buildings located in Gatineau, Québec, for a total purchase price of CAD6,050,000 excluding closing costs.

With the conclusion of these acquisitions, BTB now owns over CAD407m of properties, representing over 3.7 million square feet of leasable area.

Situated near Casino Lac-Leamay, in the City of Gatineau, BTB acquired a 50 per cent interest in two commercial and office buildings that have a total leasable area of 74,425 square feet.  The buildings are fully-leased to various tenants including the Federal Government, a retail location of L'Aubainerie chain, and a restaurant part of Houston Steakhouse chain.

To close on this purchase BTB secured a five-year term financing at an interest rate of 3.18 per cent, for a capital amount of CAD4,235,000 (BTB's share).


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