Business
Firm Capital Property Trust announces a non-brokered private placement for up to $10 million
TORONTO , Aug. 4, 2015 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust ") (T...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\nTORONTO, Aug. 4, 2015 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\") (TSXV : FCD.UN) is pleased to announce that it is proceeding with a non-brokered private placement in which it will raise up to $10,080,000 and issue up to 1,800,000 units of the Trust at a price of $5.60 per unit. The Trust will pay a finder's fee of 5.0% of the gross proceeds to certain eligible persons and or dealers for subscriptions to the offering completed by qualified investors. The Trust will use the proceeds of the Private Placement to repay all or a portion of its credit facility, strengthen the Trust's balance sheet and to fund future acquisitions.\n\nOn July 27, 2015, the Trust announced that its Board of Trustees approved a 5.0% increase in its monthly distributions to $0.035 per unit up from $0.033333 per unit starting with the November distribution payable on December 15, 2015, subject to closing of the Waterloo acquisition.  On an annualized basis this equates to distributions of $0.42 per unit up from $0.40 per unit, yielding 7.5% based on the $5.60 issue price. \n\nFurther information about the Trust can be found by selecting the Firm Capital Property Trust link at www.firmcapital.com.\n\nDISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLANThe Trust has in place a Distribution Reinvestment Plan (\"DRIP\") and Unit Purchase Plan (the \"Plan\"). Under the terms of the DRIP, FCPT's Unitholders may elect to automatically reinvest all or a portion of their regular monthly distributions in additional Units, without incurring brokerage fees or commissions. Under the terms of the Plan, FCPT's Unitholders may purchase a minimum of $1,000 of Units per month and maximum purchases of up to $12,000 per annum. Management and trustees have not participated in the DRIP or Plan to date and own approximately 8.2% of the issued and outstanding trust units of the Trust.\n\nABOUT FIRM CAPITAL PROPERTY TRUSTFirm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, The Trust's plan is to co-own a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail, and core service provider professional space. In addition to stand alone...