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.