Business
Firm Capital Property Trust closes sale of two retail properties for gross proceeds of $4.0 million and a $23.7 million refinancing of retail portfolio.
Firm Capital Property Trust closes sale of two retail properties for gross proceeds of $4....
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\nFirm Capital Property Trust closes sale of two retail properties for gross proceeds of $4.0 million and a $23.7 million refinancing of retail 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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nFirm Capital Property Trust closes sale of two retail properties for gross proceeds of $4.0 million and a $23.7 million refinancing of retail portfolio.\nCanada NewsWire\nTORONTO, Feb. 23, 2016\n\n\n\nTORONTO, Feb. 23, 2016 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\") (TSXV : FCD.UN) is pleased to announce that it is has closed the sale of its interest in  two retail properties totaling 19,330 sq. ft. and closed a $23.7 million new first mortgage on the 100% interest in a co-owned retail portfolio.\n\nAsset SaleThe properties sold were a 10,542 sq. ft. retail strip centre in Ontario that sold for gross proceeds of $3,400,000 and a 8,788 sq. ft. land leased retail property in British Columbia with approximately seven years remaining on the land lease for gross proceeds of $557,000. The Trust's share of the gross proceeds is approximately $2.8 million.  The properties were unencumbered at the time of the sale and the proceeds will be used to fund future acquisitions. The transactions represent a one-time gain on Adjusted Funds from Operations (\"AFFO\") after costs of approximately $0.07 per trust unit.\n\nNew MortgageThe Trust entered in a new five year $23.7 million floating rate mortgage that was swapped to a fixed rate of 2.92% for the term of the mortgage.  The Trust's portion of the new financing increased the cash available to fund future acquisitions by $4.7 million.  The refinancing is approximately $0.01 per unit accretive to AFFO before the deployment of the excess cash.\n\nThe Trust currently has cash resources of approximately $11.4 million and the full $8.0 million available on its revolving credit facility to fund future acquisitions and development.\n\nFurther information about the Trust can be found by selecting the Firm Capital Property Trust link at www.firmcapital.com.\n\nABOU...