BTB Real Estate Investment Trust
TSX VENTURE : BTB.UN

BTB Real Estate Investment Trust

October 12, 2007 13:00 ET

BTB Real Estate Investment Trust Announces the Closing of the Acquisition of a Commercial Property

MONTREAL, QUEBEC--(Marketwire - Oct. 12, 2007) - The trustees of BTB Real Estate Investment Trust (TSX VENTURE:BTB.UN) ("BTB") are proud to announce that, after the conclusion of the due diligence process, it has closed the acquisition of the following commercial property in the City of Brossard, province of Quebec. With the conclusion of this acquisition, BTB has now closed over $127 million worth of properties, which comprise over 1,075,000 square feet. BTB has initiated the due diligence review that may lead to the previously announced acquisitions of additional commercial properties worth approximately $109 million. Should these acquisitions materialize, BTB's portfolio will totalize $236 million.

2340 Lapiniere Blvd., Brossard, Quebec

This one-storey building includes a mezzanine and is located on one of the busiest corners in Brossard (South Shore of Montreal), more specifically on Taschereau Boulevard and Lapiniere Boulevard. This commercial property has approximately 19,082 square feet of leasable area and sits on a lot of 79,573 square feet. It houses long-term prime tenants, such as Vinnie Gambini's, a restaurant, and a retailer operating under the name Amsteco.

This acquisition is consistent with management's strategy of acquiring properties that are geographically well-located and have the potential to increase revenues as stated by Mr. Michel Leonard, President and Chief Executive Officer of BTB.

As part of this transaction, compensation was paid to AMTB Management Inc. (a corporation controlled by Mr. Leonard), which provides the services of Messrs. Michel Leonard and Peter Polatos to BTB. Messrs. Leonard and Polatos are trustees of BTB. They have disclosed their interest in the transaction and did not vote on the resolution of the trustees approving it. Its review and approval was made in the context of an accepted and generally used procedure in similar circumstances.

Forward Looking Statements

This press release contains forward looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions. Although the trustees of BTB believe that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors and risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include the impact of general economic conditions, industry conditions, governmental regulation, environmental risks, competition from other industry participants, stock market volatility, the ability to access sufficient capital from internal and external sources and the risk of fluctuation and variation in actual operating results, which variation may be material. A full description of these risks and uncertainties can be found in BTB's annual Management Discussion and Analysis dated April 27, 2007 which is available electronically at www.sedar.com.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included herein are made as of the date hereof and BTB does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise.

The TSX Venture Exchange has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • BTB Real Estate Investment Trust
    Mr. Michel Leonard
    President and Chief Executive Officer
    514-866-1990 ext. 236