First Capital REIT Announces Strategic Partnership with Pemberton Group to Develop the Former Christie Cookie Site in Toronto

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[{"type":"text","content":"\n \n \n \n First Capital REIT Announces Strategic Partnership with Pemberton Group to Develop the Former Christie Cookie Site in Toronto\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. 3, 2021\n \n /CNW/ - First Capital REIT (\"First Capital\") (TSX: FCR.UN) announced today that it has expanded its relationship with Pemberton Group (\"Pemberton\"), through a strategic partnership to develop the 28-acre development site located at 2150 Lake Shore Boulevard West at Park Lawn Road in\n \n Toronto\n \n (the \"Development Site\") into a sustainable and inclusive master-planned, mixed-use, transit-oriented neighbourhood.\n \n \n First Capital is exercising a previously secured option to purchase its existing partner's 50% interest in the Development Site for approximately\n \n $56 million\n \n and has entered into a firm agreement to sell a 50% interest in the Development Site to Pemberton for\n \n $156 million\n \n . First Capital will maintain its 50% interest.\n \n \n On a standalone basis, the transactions demonstrate a meaningful value-enhancing exercise for First Capital. Over the REIT's Q2 and Q3 2021 reporting periods, the transactions are expected to positively impact Net Asset Value and Net Asset Value per unit by at least\n \n $175 million\n \n and\n \n $0.80\n \n , respectively.\n \n \n While First Capital's master planning, placemaking and entitlements expertise has resulted in tremendous progress to-date, there is much more value to be realized through what will be a multi-phase property development program spanning many years. Adding Pemberton Group as a strategic, well-aligned partner is an important step forward in our objective of maximizing the potential, both qualitatively and financially, of this large-scale project.\n \n \n First Capital initially acquired the Development Site in 2016, with a vision to transform this large brownfield site in t...

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