October 20, 2025
(Newsfile Corp.) – Ewing Morris, on behalf of investment vehicles and accounts managed by it (“Ewing Morris“), today announced the completion of its all-cash offer (the “Offer“) to acquire Units (the “Units“) in the capital of BTB Real Estate Investment Trust (TSX: BTB.UN) (“BTB” or the “Trust“) at a price of $4.10 per Unit, for an aggregate cost of approximately $32,800,000.
The Offer was oversubscribed, and as a result, Ewing Morris will take up the deposited Units on a pro-ration basis, applying a pro-ration factor of approximately 97.9%. In connection with the completion of the Offer, Ewing Morris will take up and pay for Units that have been validly tendered and not withdrawn within three (3) business days. Following the take-up and payment for such Units, Ewing Morris will own a total of 8,243,100 Units, representing approximately 9.85% of BTB’s issued and outstanding Units.
Payment for the purchased Units will be effected by Odyssey Trust Company, the depository for the Offer, in accordance with the Offer and applicable law. Unitholders of BTB who have validly deposited and not withdrawn their Units are not required to take any further action to accept the Offer.
The investment reflects Ewing Morris’s broader strategy of bringing a private-equity mindset to the public markets—emphasizing active engagement, alignment of interests, and sustainable long-term value creation.
