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Firm Capital Property Trust Announces Closing of $46 Million Co-Ownership Acquisition With First Capital Realty
Firm Capital Property Trust Announces Closing of $46 Million Co-Ownership Acquisition With...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\nFirm Capital Property Trust Announces Closing of $46 Million Co-Ownership Acquisition With First Capital Realty\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, July 9, 2019\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, July 9, 2019 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\"), (TSXV: FCD.UN) is pleased to announce that it has exercised and closed on its previously announced option to acquire a 50% non-managing interest in a grocery-anchored shopping center located in St. Albert, Alberta (the \"Edmonton Property\") from First Capital Realty Inc. and an affiliate thereof (collectively \"First Capital\"). The acquisition price for 100% of the Edmonton Property was approximately $46.4 million, excluding transaction costs. The Trust's portion of the acquisition price was approximately $23.2 million.\nThe Edmonton Property is a 105,358 square foot grocery and pharmacy anchored retail property (at a 100% interest) located in St. Albert, Alberta. The Edmonton Property includes high quality tenants including Safeway, CIBC, Scotiabank, among others. The Edmonton Property is approximately 98% occupied and has a remaining weighted average lease term (\"WALT\") of approximately 4.6 years. The Trust and First Capital have entered into a co-ownership arrangement such that the Trust and First Capital will each own half of the Edmonton Property. First Capital also property manages the Edmonton Property. \nThe Edmonton Property was financed through a combination of a new mortgage as well as cash on hand. The new mortgage is approximately $15.5 million (at the Trust's interest) for a 3.3% Weighted Average Interest Rate and a Term to Maturity of approximately 7.0 years. \nDISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN\nThe 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 ...