Toronto, Ontario (October 25, 2010) – First Capital Realty Inc. (TMX: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 two income-producing properties totaling 319,700 square feet, for an aggregate purchase price of approximately $77.9 million.
The Company acquired Parkway Mall, in Toronto, Ontario, a shopping centre comprising 257,000 square feet of retail space on 18.3 acres, for a purchase price of $61.8 million. Major tenants include Metro Supermarket, Shoppers Drugmart, LCBO, Staples, Home Hardware, TD Canada Trust, CIBC, Bank of Nova Scotia, McDonald’s and Tim Hortons. The purchase price of $61.8 million, inclusive of closing costs, was satisfied by cash.
In addition, in August, the Company acquired Kingston Square, a 62,700 square foot shopping centre adjacent to the Company’s Morningside Crossing in Toronto, Ontario. Major tenants include No Frills (Loblaw), Rexall Pharma Plus, McDonald’s and Tim Hortons. The total purchase price of approximately $16.1 million, including closing costs, was satisfied by a combination of cash and assumption of $10 million of fixed rate debt.
Both properties are located in the City of Toronto, in growing communities and have redevelopment opportunities.
“We continue to be focused on acquiring well-located properties in supply constrained markets that have redevelopment and rent growth opportunities” said Dori J. Segal, President & CEO.
ABOUT FIRST CAPITAL REALTY (TMX:FCR)
First Capital Realty is Canada’s leading owner, developer and operator of supermarket and drugstoreanchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas. The Company currently owns interests in 178 properties, including three under development, totalling approximately 21.6 million square feet of gross leasable area and nine sites in the planning stage for future retail development.
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For further information regarding First Capital Realty:
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