First Capital REIT Enters Into Agreement to Be Acquired by KingSett Capital and Choice Properties REIT in $9.4 Billion Transaction

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[{"type":"text","content":"First Capital REIT Enters Into Agreement to Be Acquired by KingSett Capital and Choice Properties REIT in $9.4 Billion Transaction\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n \n\n\n\n\n Transaction maximizes value and provides immediate liquidity for First Capital unitholders\n \n\n Total consideration of $24.40 per unit represents a premium of 17% to First Capital's 20-day volume-weighted average price and a premium of 8% to First Capital's Net Asset Value of $22.57 per unit\n \n\n Transaction received unanimous support from the First Capital Board of Trustees, which recommends First Capital unitholders vote IN FAVOUR of the Transaction\n \n\n The First Capital Board of Trustees and the First Capital Special Committee have obtained fairness opinions from RBC Capital Markets and National Bank Capital Markets\n \n\n KingSett to acquire First Capital’s issued and outstanding units, including approximately $4.4 billion of First Capital assets, comprising a needs-based retail portfolio, high-street retail properties, development and other financial assets\n \n\n Choice Properties to acquire approximately $5.0 billion of First Capital’s necessity-based neighbourhood shopping centres, which will materially strengthen its leading retail portfolio and drive incremental long-term growth and value creation\n \n\n Choice Properties to host call with investment community today at 8 a.m. ET, details included below\n \n\n\n\n\n First Capital REIT (\"First Capital\" or the \"REIT\") (TSX: FCR.UN), KingSett Capital, on behalf of KingSett Real Estate Growth LP No. 8 and other investors, (collectively \"KingSett\"), and Choice Properties REIT (“Choice Properties”) (TSX: CHP.UN) today announced that they have entered into an agreement (the “Arrangement Agreement”) pursuant to which KingSett and Choice Properties will acquire First Capital in a unit and cash transaction valued at approximately $9.4 billion, including the assumption of certain debt (the \"Transaction\").\n \n\n Under the terms of the Arrangement Agreement, First Capital unitholders will receive consideration of $19.24 in cash and 0.3186 units of Choice Properties per First Capital unit, which represents total consideration of $24.40 per First Capital unit (the \"Transaction Pri...

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