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Firm Capital Property Trust Announces Closing of $83 Million Retail Joint Arrangement With Crombie Real Estate Investment Trust
Firm Capital Property Trust Announces Closing of $83 Million Retail Joint Arrangement With...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\nFirm Capital Property Trust Announces Closing of $83 Million Retail Joint Arrangement With Crombie Real Estate Investment Trust\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, Feb. 6, 2019\n\n\n\nTORONTO, Feb. 6, 2019 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\") (TSXV: FCD.UN) is pleased to announce the closing of the previously announced acquisition of a 50% interest in seven retail properties located in Alberta, Nova Scotia, Saskatchewan, Ontario and Quebec with Crombie Real Estate Investment Trust (\"Crombie REIT\") (the \"Portfolio\"). The acquisition price for 100% of the Portfolio is approximately $83.2 million, excluding transaction costs. The Trust's portion of the acquisition price is approximately $41.6 million. As a result of the Portfolio acquisition, the Trust's current portfolio has increased by approximately 20% to $263 million.\nThe Portfolio is comprised of seven properties totaling 296,376 square feet with six of the properties being anchored by Sobeys owned grocery stores and one property being anchored with Shoppers Drug Mart. The Portfolio is 100% occupied and has a Weighted Average Lease Term (\"WALT\") of approximately 11.5 years. The Trust and Crombie REIT have entered into a co-ownership arrangement such that the Trust owns 50% and Crombie REIT owns 50% of the Portfolio.\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 man...