BTB acquires industrial building near London, Ontario
BTB Real Estate Investment Trust has purchased an industrial property near London, Ontario, for the purchase price of CAD10,282,250, excluding closing costs.
With the conclusion of this acquisition, BTB now owns properties valued at more than CAD420m, representing over 3.9 million square feet of leasable area.
311 Ingersoll, Ontario has a leasable area of 200,000 square feet. It is situated at the crossroads of Ingersoll Street and Highway 401, one of Canada's busiest highways and opposite the CAMI Automotive plant (General Motors). It is located 10 minutes away from London, Ontario.
The building is fully-leased to Hercules Tire Company of Canada, one of the world's leaders in tyre manufacturing and a purchaser of balance of stock liquidation from major tyre manufacturers.
As part of this acquisition, BTB assumed a CAD6.6m mortgage balance at an interest rate of 6.14 per cent.