BMTC GROUP INC. ANNOUNCES THE ACQUISITION OF A DISTRIBUTION CENTER TO GENERATE LONG-TERM RENTAL INCOME

16.04.24 01:30 Uhr

MONTREAL, April 15, 2024/CNW/ - (TSX: GBT)

On April 15th, 2024, the Company finalised the purchase of the RONA distribution center bearing the civic address 2055, boulevard des Entreprises in the city of Terrebonne. The transaction was in the amount $96,000,000 before taxes which includes a lease-back agreement with RONA. The transaction was paid in full in cash from investments held by the Company. The Company intends to continue on a long-term basis to create lease revenues with this property. In the next month the Company will be evaluating if renovations, as to making this distribution center more efficient by automating it would create greater lease value.

As announced on February 1, 2023, the Company concluded the sale of its distribution center in Montreal for an amount of $66,500,000, resulting in an after-tax gain of $50,962,000, or $1.54 per basic share. The Company remains a tenant and use this distribution center for its operations in the metropolitan region of Montreal. The initial lease was for 2 years and in February 2024, the company renewed its lease.

BMTC Group Inc. is a company governed the Business Companies Act (Quebec). Its registered office and principal place of business is located at 8500 Place Marien, Montréal East, Quebec, H1B 5W8. Its common shares are listed on the Toronto Stock Exchange. The Company, through its subsidiary Le Corbusier-Concorde S.E.C. and its Tanguay division, manages and operates a retail network of furniture, household appliances and electronic products, in Quebec.

SOURCE BMTC Group Inc.