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Firm Capital Property Trust Announces Closing of a 50% Interest in a $10.7 Million Industrial Portfolio
Firm Capital Property Trust Announces Closing of a 50% Interest in a $10.7 Million Industr...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\nFirm Capital Property Trust Announces Closing of a 50% Interest in a $10.7 Million Industrial Portfolio\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 19, 2020\n\n\n\nTORONTO, March 19, 2020 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\") (TSXV: FCD.UN) is pleased to announce the closing of its previously announced  acquisition of a 50% interest in two industrial properties located in Edmonton and Leduc, Alberta (the \"Portfolio\"). The acquisition price for 100% of the Portfolio is approximately $10.7 million ($119 per square foot), excluding transaction costs. The Trust's portion of the acquisition price is approximately $5.4 million, excluding transaction costs.\nThe Portfolio is comprised of two industrial properties totaling 90,348 square feet. The Portfolio is well diversified with nine different tenants and a weighted average lease term of 2.8 years.  The Portfolio is approximately 82% occupied and is currently institutionally owned and managed. The Trust has entered into a co-ownership arrangement such that the Trust will own 50% of the Portfolio. \nThe Portfolio is being financed through existing cash resources (including the Trust's credit facility). The Trust's debt to gross book value will be approximately 48.0% as a result of the acquisition.\nABOUT FIRM CAPITAL PROPERTY TRUST (TSXV: FCD.UN) Firm 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 accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as ...