BTB Real Estate Investment Trust concludes refinancing agreements at an interest rate of 4.11%
MONTREAL, Oct. 31, 2012 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") is pleased to announce that it has concluded a refinancing agreement for seven of its properties for a total amount of $43 million, at an interest rate of 4.11%. The total amount has been used to reimburse two existing financings of $41 million bearing interest rate of 6.17%. The properties that are affected by this refinancing are the following:
1001 Sherbrooke East, Montréal, Québec
7001-7035 St-Laurent., Montréal, Québec
4105 Sartelon, Ville St-Laurent, Québec
2865-2885 de Portland, Sherbrooke, Québec
1635-1645 King Street East, Sherbrooke, Québec
2059 René-Patenaude, Magog, Québec
Complexe de Léry at 505 des Forges and 1500 Royale, Trois-Rivières, Québec
This refinancing will save BTB more than $800,000 per year.
BTB is a real estate investment trust and its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of office, industrial, commercial and retail properties predominantly located in the province of Québec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.
SOURCE BTB REAL ESTATE INVESTMENT TRUST