BTB REIT Announces the Acquisition of an Industrial Property located in the McIntyre Industrial Park in Edmonton, Alberta

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. 

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.

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.

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For more detailed information, visit BTB's website at www.btbreit.com.

SOURCE BTB Real Estate Investment Trust