How to Build a $1.2B REIT from Scratch — Lessons from BTB's Founder

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: 🏢 BTB REIT: 👤 Follow Axel Monsaingeon 💼 LinkedIn: 📸 Instagram: 🌐 Explore more resources 📊 Market guides, data, and advertising opportunities:

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How to Build a $1.2B REIT from Scratch — Lessons from BTB's Founder is an episode from The Very Real Estate Effect Investing in Quebec by Axel Monsaingeon.

This episode is 32:30 long.

This episode was published on Jan 23, 2026.

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