First Capital Realty Announces Completion of Property Dispositions

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[{"type":"text","content":"\n\n\n\nFirst Capital Realty Announces Completion of Property Dispositions\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, March 29, 2018\n\n\n\nTORONTO, March 29, 2018 /CNW/ - First Capital Realty Inc. (\"First Capital Realty\") (TSX: FCR), one of Canada's largest owners, developers and managers of grocery anchored, retail-focused urban properties, announced today that it has completed approximately $165 million of previously disclosed property dispositions.  \n\nOn March 27, 2018, First Capital closed the sale of 18 properties that comprise a portion of the portfolio it owned through its joint venture interest in Main and Main Urban Realty for aggregate gross proceeds of $298 million, or approximately $112 million at First Capital's interest. First Capital received net proceeds (after repayment of debt) of approximately $99 million, which was satisfied in cash.\n\nOn March 21, 2018, First Capital closed the sale of a 50.5% non-managing interest in its necessity-based London, Ontario portfolio, for $66 million ($359 per square foot), which was satisfied in cash. The First Capital London portfolio comprises six grocery and pharmacy anchored properties totalling 368,000 square feet.\n\nJordan Robins, Executive Vice President and COO said: \"We are very pleased with the successful execution of these transactions, which enable First Capital to reduce debt and to recycle capital into our major retail properties and intensification projects within our target nodes in core urban markets. We are also happy to expand our existing partnership with a major institutional investor through their investment in our London portfolio.\" \n\nABOUT FIRST CAPITAL (TSX: FCR)\n\nFirst Capital Realty is one of Canada's largest owners, developers and managers of grocery anchored, retail-focused urban properties where people live and shop for everyday life. The Company currently owns interests in 161 properties, totaling approximately 25 million square feet of gross leasable area.\n\nForward-looking Statement Advisory\n\nThis press release contains forw...

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