Press Releases

FIRST CAPITAL REALTY PROVIDES UPDATE ON TIMING OF TAKE-OVER BID FOR STERLING CENTRECORP COMMON SHARES AND DEBENTURES

May 08, 2007

Toronto, Ontario (May 8, 2007) - First Capital Realty Inc. (“First Capital Realty”) (TSX: FCR) Canada’s leading owner, developer and operator of supermarket-anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas, announced today that it will launch on May 15, 2007 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”). First Capital Realty was prepared earlier this week to launch the bid on May 9, 2007, on the terms outlined in its press release of April 29, 2007. However, as described in that press release, the Ontario Securities Commission (the “OSC”) had convened a May 11 hearing to consider whether SCI Acquisition and the parties to support agreements in respect of the proposed plan of arrangement are “joint actors” for the purposes of Ontario securities laws. That hearing has now been postponed to May 17, 2007 to allow for the completion of the evidentiary record. As a term of this postponement, the parties, including Sterling, SCI Acquisition Inc. and First Capital Realty, have agreed that First Capital will delay the commencement of its take-over bid until May 15, 2007.

This news release does not constitute an offer for or solicitation of the Sterling Shares or Debentures in any jurisdiction. Any such offer or solicitation will be made only by formal offer and only in those jurisdictions where First Capital Realty may legally do so.

ABOUT FIRST CAPITAL REALTY

First Capital Realty is Canada’s 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 161 properties, including 7 under development, totalling approximately 18.9 million square feet of gross leasable area, and 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 337 properties totalling approximately 36.8 million square feet of gross leasable area.

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For further information:

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

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