REIT Ties Up Assets in Quebec

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MONTREAL-Locally headquartered BTB Real Estate Investment Trust has agreed to acquire a pair of mixed-use buildings in the Greater Montreal region for $18 million. The larger of the two properties is Les Halles St-Jean, a fully leased retail and office building in the province of St-Jean-sur-Richelieu, located 30 miles southeast of Montreal.

Located at 145 St-Joseph Blvd. E., the 108,972-sf building contains a 62,000-sf indoor retail mall and 47,000 sf of office. Approximately 45% of the revenue from the property is generated by a financial institution, a government-owned corporation, a pharmacy and governmental offices. The property’s NOI translates to a cap rate of 9.05%, according to BTB. An expansion of the building is under consideration.