February 17, 2012
Quebec’s BTB Real Estate Investment Trust nets $16.2 million from public offering
BTB Real Estate Investment Trust (TSXV: BTB.UN) of Montreal announced Thursday it has raised net proceeds of $16.2 million in a public offering of units, which will be used in part for future building acquisitions.
BTB REIT owns buildings throughout Quebec plus four in Cornwall, Ontario.
The financing involved the sale of more than 18.75 million units to a syndicate of underwriters led by National Bank Financial Inc.
The trust’s recent acquisitions include Complexe Lebourgneuf Phase I in Quebec City with 231,386 square feet of gross leasable space and Place d’affaires Lebourgneuf Phase II, also in Quebec City, with 109,902 square feet of gross leasable space.
BTB REIT’s major tenants include Societe Immobiliere du Quebec, the real estate arm of the Quebec government, which has offices in BTB REIT-owned buildings in Quebec City, Trois-Rivieres, Chicoutimi, Lasalle and Boucherville.
The company also leases space to Annie Fruit Inc. and Hydro Quebec in different buildings. Led by CEO Michel Leonard, BTB REIT owns office, industrial and retail properties.
The unit sale yielded gross proceeds of $17.2 million. The net proceeds of $16.2 million were those left after deducting the underwriters’ fee and the estimated expenses of the offering.
“The net proceeds will be used to fund future acquisitions and for general trust purposes,” BTB REIT said in a press release.
The other underwriters in the syndicate led by National Bank Financial were Canaccord, Genuity Corp., Dundee Securities Ltd., GMP Securities L.P., Desjardins Securities Inc., HSBC Securities (Canada) Inc. and Raymond James Ltd.
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Submited at Friday, February 17th, 2012 at 8:00 pm on Uncategorized by Alina
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