Press Releases

FIRST CAPITAL REALTY MAKES PROPOSAL TO SPECIAL COMMITTEE OF STERLING CENTRECORP

April 25, 2007

FOR IMMEDIATE RELEASE

Toronto, Ontario (April 25, 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 has delivered a letter to the Special Committee of Sterling Centrecorp Inc. (“Sterling”) with respect to a proposed take-over bid by First Capital Realty for Sterling’s outstanding common shares. In the letter, First Capital Realty, which, together with its affiliates, owns approximately 8.4% of the outstanding common shares of Sterling, has indicated that it is prepared to propose a bid at a price of $1.62 per share, payable in cash or a combination of cash and First Capital Realty shares, subject to completion of satisfactory due diligence and other customary conditions. First Capital Realty has requested access to due diligence materials in order to complete its assessment of Sterling and to structure a definitive offer. First Capital Realty has also recommended that the Special Committee postpone Sterling’s annual and special meeting of shareholders, currently scheduled for April 30, and indicated its desire to proceed expeditiously to develop an alternative transaction for consideration by the shareholders.

First Capital Realty is awaiting the Special Committee’s response to its proposal.

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, with approximately 18.9 million square feet of gross leasable area. 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 334 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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