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Real estate industry

Ewing Morris Offers to Acquire Up to 8 Million BTB Real Estate Investment Trust Units at a Premium

Strategic Insights

— 1 min read

Ewing Morris has announced an all-cash offer to acquire up to 8 million units of BTB Real Estate Investment Trust (TSX: BTB.UN) at $3.80 per unit. The offer represents a 4% premium to the volume-weighted average price of the units on the TSX over the 20 trading days prior to this announcement, exceeding the target price of all current sell-side analysts covering BTB. The offer provides existing BTB unitholders with immediate liquidity at a premium price, addressing the persistent lack of trading volume for units that makes it difficult for investors to exit meaningful holdings.

Key Takeaways:

  • The offer is open to unitholders of BTB Real Estate Investment Trust (TSX: BTB.UN) for up to 8 million units at $3.80 per unit.
  • The offer represents a 4% premium to the volume-weighted average price of the units on the TSX over the 20 trading days prior to this announcement.
  • The offer exceeds the target price of all current sell-side analysts covering BTB.
  • Unitholders can realize immediate liquidity at a premium price, potentially alleviating the persistent lack of trading volume for units.
  • Details of the offer are included in the offer documents, which will be available on the Trust's SEDAR+ profile at www.sedarplus.ca.
  • Registered unitholders must complete the documentation as set out in the letter of transmittal to deposit their units to the offer.

Statistics:

  • The offer price is $3.80 per unit, representing a 4% premium to the volume-weighted average price of the units on the TSX.
  • The total value of the offer, if fully taken up, is approximately $30,400,000.
  • The annualized outperformance of the TSX over the TSX Capped REIT Index since August 2022 is approximately 6.5%.
  • The offer is subject to certain conditions set out in the offer documents.

Sources:

  • "Offer for BTB Real Estate Investment Trust Units by Ewing Morris" from Newsfile Corp. (September 4, 2025)
  • SEDAR+ profile of BTB Real Estate Investment Trust at www.sedarplus.ca
  • TSX listing of BTB Real Estate Investment Trust at TSX
  • Ewing Morris' press release can be viewed at https://www.newsfilecorp.com/release/265096

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