BTB Real Estate Investment Trust

BTB Real Estate Investment Trust

December 24, 2007 11:28 ET

BTB Real Estate Investment Trust Announces That it Will Not Implement its Proposed Internal Reorganization

MONTREAL, QUEBEC--(Marketwire - Dec. 24, 2007) - The trustees of BTB Real Estate Investment Trust (TSX VENTURE:BTB.UN)("BTB") announced that the internal reorganization of the structure of BTB and its subsidiaries, as approved by its Unitholders on December 7, 2007, will not be implemented.

This decision follows the announcement on December 20, 2007 by the Minister of Finance of Canada, Jim Flaherty, of proposed technical amendments to further clarify the tax rules that apply to specified investment flow-through entities ("SIFTs") and Real Estate Investment Trust. These technical amendments provide more certainty that BTB qualifies as a "Real Estate Investment Trust", which was the purpose of the reorganization. A trust that satisfies the definition of "Real Estate Investment Trust" throughout its taxation year will not be subject to tax on the distributions to its Unitholders. Furthermore, it will not be subject to the restrictions on its growth that otherwise apply under the SIFT rules. Thus, BTB will be able to pursue its activities in accordance with its business plan.

Further details regarding the internal reorganization that was proposed are contained in the November 6, 2007 management proxy circular of BTB and other material which were mailed to unitholders and filed on SEDAR.

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