Press Releases

FIRST CAPITAL REALTY ANNOUNCES THAT STERLING BID WILL NOT PROCEED

June 15, 2007

FOR IMMEDIATE RELEASE

Toronto, Ontario (June 15, 2007) - First Capital Realty Inc. (‘First Capital Realty”) (TSX: FCR), announced today that its take-over bid for the outstanding common shares (the “Shares”) and 8.50% convertible unsecured subordinated debentures due December 31, 2009 (the “Debentures”) of Sterling Centrecorp Inc. (‘Sterling’) will not proceed, in view of Sterlings completion of a plan of arrangement under which all outstanding Sterling common shares have now been acquired by SCI Acquisition Inc.

ABOUT FIRST CAPITAL REALTY

First Capital Realty is Canadas leading owner, developer and operator of supermarket-anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas. The Company currently owns interests in 163 properties, including 7 under development, with approximately 19.1 million square feet of gross leasable area, and also has 9 land sites in the planning stage for future retail development. In addition, the Company owns 13.9 million shares of Equity One (approximately 19%), one of the largest shopping centre REITs in the southern U.S., that trades on the New York Stock Exchange under the ticker symbol EQY. Including its investments in Equity One, the Company has interests in 339 properties totalling approximately 37.0 million square feet of gross leasable area.

* * * *

For further information:

Dori J. Segal, President & C.E.O., or
Karen H. Weaver, C.F.O.
First Capital Realty Inc.
85 Hanna Ave., Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
Fax: (416) 941-1655
www.firstcapitalrealtv.ca

Mail Lists
Or from All