Year-to-date acquisitions total $108 million
Toronto, Ontario (March 18, 2011) – First Capital Realty Inc. (TSX:FCR) (the “Company”), Canada’s leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas, announced today the acquisition of Place Portobello, a shopping centre comprising 504,000 square feet of gross leasable area situated on 40 acres of land. The property is located on the corner of Highway 10 and Taschereau Boulevard in Montreal’s south shore community of Brossard, Quebec. Major tenants include: Zellers, Reno Depot, Maxi, De?cor Depot, Jean Coutu, Dollarama, Royal Bank, and CIBC. The purchase price of $73.5 million, inclusive of closing costs, was satisfied by a combination of cash and $28.9 million of fixed rate debt at 4.922% due September 2013.
“Place Portobello is a strategic asset which fits well into our existing portfolio in the Greater Montreal Area.” said Gregory Menzies, Vice President Eastern Canada. “We continue to be focused on acquiring well-located properties in supply constrained markets that have redevelopment and rent growth opportunities.”
ABOUT FIRST CAPITAL REALTY (TSX:FCR)
First Capital Realty is Canada’s leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas. The Company currently owns interests in 179 properties, including three under development, totalling approximately 22.3 million square feet of gross leasable area and eight sites in the planning stage for future retail development.
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For further information:
Dori J. Segal, President & C.E.O., or
Karen H. Weaver, E.V.P. & C.F.O.
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
Fax: (416) 941-1655