First Capital REIT Announces Expansion of Strategic Partnership and Monetization of a Portion of its Density rights in Greater Montreal Development

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[{"type":"text","content":"\n \n \n \n First Capital REIT Announces Expansion of Strategic Partnership and Monetization of a Portion of its Density rights in Greater Montreal Development\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 /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 Dec. 17, 2020\n \n /CNW/ - First Capital REIT (\"First Capital\") (TSX: FCR.UN), a leading developer, owner and manager of mixed-use real estate located in\n \n Canada's\n \n most densely populated cities, announced today a firm agreement to sell a 50% non-managing interest in a geographically diverse portfolio of six grocery anchored properties as well as a 100% interest in a portion of the development land at Place Panama on\n \n Montreal's\n \n south shore, for an aggregate combined sale price of approximately\n \n $115 million\n \n .\n \n \n \n Expansion of Strategic Partnership\n \n \n \n First Capital and one of its preeminent institutional partners initiated a partnership in 2019 when the investor purchased a non-managing 50% interest in a portfolio of First Capital properties located in\n \n Ottawa\n \n and the\n \n Greater Montreal Area\n \n . The partnership's focus is on the long-term ownership of stable grocery anchored centres in locations with attractive demographic profiles.\n \n \n The most recent transaction includes the sale of a 50% non-managing interest in six stabilized properties, which expands the partnership to 17 properties in six cities. This transaction adds three centres in\n \n Gatineau\n \n (Carrefour du Versant, Place Nelligan and Place Cite des Jeunes) representing approximately half of the current transaction, two in\n \n Alberta\n \n (\n \n Lakeview Plaza\n \n in\n \n Calgary\n \n and Meadowbrook Centre in\n \n Edmonton\n \n ) representing roughly 35% and one in\n \n Burlington\n \n (Burlingwood Centres) representing the remaining 15%.\n \n \n \n Monetization of a Portion of Place Panama Air Rights\n \n \n \n First Capital has agreed to monetize its density rights ...

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