On May 9, 2019, Firm Capital Property Trust (“FCPT”) (TSXV: FCD.UN) announced that it has closed its previously announced agreement to acquire from First Capital Realty Inc. (“FCR”) a 50% non-managing interest in six net-leased primarily grocery anchored shopping centres located in Ontario and Quebec. The acquisition price is approximately $266 million, excluding transaction costs. The Trust’s portion of the acquisition price is approximately $133 million.
FCPT is focused on creating long-term value for unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, FCPT’s plan is to own a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail, and core service provider professional space.
Miller Thomson advised FCPT with respect to this joint venture with a team led by Lawrence Wilder (Capital Markets & Securities) and including Jonathan Tong (Capital Markets & Securities), Abid Ahmed and Victoria de Luna (Corporate/M&A).