First Capital Announces Approximately $400 Million of Property Dispositions

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[{"type":"text","content":"\n \n \n \n First Capital Announces Approximately $400 Million of Property Dispositions\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n TORONTO\n \n ,\n \n Aug. 10, 2021\n \n /CNW/ - First Capital Real Estate Investment Trust (\"First Capital\" or the \"Trust\") (TSX: FCR.UN) announced today that it has entered into agreements to sell interests in two income producing properties and a partial stake in its soon to be completed Station Place mixed-use development for an aggregate sale price of approximately\n \n $224 million\n \n .\n \n \n Including the sale of a 50% interest in 2150 Lakeshore Boulevard West,\n \n Toronto\n \n , which was announced last week, and including other small, non-core properties recently sold or subject to firm sale agreements, the aggregate value of First Capital's newly announced asset sales total approximately\n \n $400 million\n \n .\n \n \n \n Adam Paul\n \n , President and CEO of First Capital, said, \"Collectively, these transactions achieve several of First Capital's strategic objectives including, crystallizing value created through the zoning, entitlement, and property development processes while also maintaining a share of future potential value growth, strengthening our balance sheet, and further aligning our real estate portfolio with our super urban strategy. Notably, we have met these objectives while selling the properties at prices that are well in excess of their respective IFRS values. In a broader sense, the transactions exemplify the significant future value enhancing opportunities embedded in First Capital's deep development and density pipeline.\"\n \n \n \n \n \n Income Producing Dispositions\n \n \n \n \n \n \n \n Towerlane Centre & Airdrie Village –\n \n Airdrie, Alberta\n \n \n \n \n \n First Capital has entered into a binding agreement to sell a 100% interest in Airdrie Village Square and Towerlane Centre. Located in the\...

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