MONTREAL, February 2, 2023 /CNW Telbec/ – BTB Real Estate Investment Trust (TSX: BTB.UN) (“BTB” or the “REIT“) announces the acquisition of a Class A commercial property, the construction of which was completed at the end of 2022. It is a state-of-the-art battery factory for motorized electric vehicles such as trucks and buses at 9900 Irénée -Vachon Street, in Mirabel (Quebec) in a key all-cargo industrial/transportation sector (YMX International Aerocity) nearby Mirabel Airport.
The purchase price for this property is 28 million dollars, without transaction fees and adjustments. The net proceeds from the last sales have been reinvested in this acquisition, allowing BTB to consolidate its short and medium term growth strategy by adding an industrial building to its portfolio.
About the takeover
Located at 9900 Irénée Vachon Street, Mirabel, Quebec, the property has a rentable area of approximately 176,819 square feet with a headroom of 32 feet. Built in 2022, this property has been designed to be a benchmark in environmental sustainability, with materials that promote energy recovery, such as an LED-controlled lighting system and high-performance thermal insulation.
This new state-of-the-art commercial space is occupied and leased by a single tenant, viz lion electric (“Lion”, NYSE and TSX:LEV). Founded in 2008 and headquartered in Saint-Jérôme, Quebec, Lion is an innovative manufacturer of zero-emission vehicles. The company designs, develops, manufactures and sells all-electric school buses, minibuses and utility vehicles. With more than 800 vehicles on the road, Lion currently employs more than 1,350 people across all functions including manufacturing, research and development (“R&D”), sales and marketing, and administration, and operates in The United States and Canada.
About BTB
BTB is a real estate mutual fund listed on the stock exchange Toronto Stock Exchange. BTB REIT invests across the board in industrial, core office and needs-based retail properties away from the city center Canada in favor of their investors. As of today, BTB owns and manages 74 propertieswhich corresponds to a total lettable area of approx 6.0 million square foot.
People and their stories are at the heart of our success.
For more information, visit the BTB website at www.btbreit.com.
SOURCE BTB Real Estate Investment Trust
© Canada Newswire, source Canada Newswire English
