How do you go from being a tax lawyer to building a $1.2 billion commercial real estate portfolio? In this episode of the Espace Montréal Podcast, Axel Monsaingeon sits down with Michel Léonard, President & CEO of BTB REIT, to unpack the real story behind one of Québec's most successful publicly traded real estate investment trusts. Michel shares the risks, doubts, and hard lessons behind launching a REIT before most people even knew what one was — including capital raising, surviving the 2008 financial crisis, navigating COVID, and maintaining discipline in volatile markets.

This conversation is a masterclass in long-term thinking, capital structure, portfolio management, and real-world REIT economics — essential listening for investors, developers, brokers, and anyone serious about commercial real estate.

Topics & Timestamps

👋 Introduction & guest overview (00:01:03)
⚖️ From lawyer to real estate (00:01:49)
🏗️ Launching one of Québec's first REITs (00:06:07)
💰 Raising capital & first acquisitions (00:09:58)
📉 Surviving the 2008 financial crisis (00:14:19)
📊 How REIT distributions really work (00:19:22)
🏢 Building a $1.2B diversified portfolio (00:21:54)
📐 Discipline, cap rates & strategy (00:23:36)
🔄 Selling assets & portfolio focus (00:27:50)
🔮 The future of office, retail & industrial (00:29:39)
👏 Final lessons & closing thoughts (00:32:08)

🔗 Connect with Michel Léonard
💼 LinkedIn:https://www.linkedin.com/in/michel-l%C3%A9onard-40926532/
🏢 BTB REIT: https://www.btbreit.com/

👤 Follow Axel Monsaingeon
💼 LinkedIn: https://www.linkedin.com/in/axel-monsaingeon-42577b28/
📸 Instagram: https://www.instagram.com/axelmonsaingeon

🌐 Explore more resources
📊 Market guides, data, and advertising opportunities: https://www.e5pace.com/