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Firm Capital Property Trust announces closing of Thickson Place joint venture with First Capital Realty
Firm Capital Property Trust announces closing of Thickson Place joint venture with First C...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\nFirm Capital Property Trust announces closing of Thickson Place joint venture 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\nFirm Capital Property Trust announces closing of Thickson Place joint venture with First Capital Realty\nCanada NewsWire\nTORONTO, Sept. 30, 2016\n\n\n\nTORONTO, Sept. 30, 2016 /CNW/ - Firm Capital Property Trust (the \"Trust\") (TSXV: FCD.UN) is pleased to announce the acquisition of a 40% interest in Thickson Place, located in Whitby, Ontario. The acquisition price values the property at approximately $39.5 million (at 100%), excluding transaction costs. As a result of the acquisition, the Trust will increase the size of its current portfolio by approximately 11% to $157 million.\n\nThickson Place is a 100% occupied, 104,808 square foot retail property anchored by Metro and LCBO. It is located at 80 Thickson Road South, directly across from Whitby Mall, which the Trust purchased a 40% interest in with the same joint venture partners in June of 2016. Owning the two neighbouring centres provides a strategic benefit and long term synergies. Thickson Place was previously owned 100% by First Capital Realty.\n\nThe acquisition of Thickson Place was funded through the Trust's existing cash resources and debt arranged on Whitby Mall. \n\nThe joint venture is comprised of the Trust for 40%, First Capital Realty for 50%, and 10% is held by a syndicate group. Thickson Place and Whitby Mall will each be managed by First Capital Realty. \n\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 acquisition...