First Capital Realty completes joint acquisition of development lands including the former Molson Brewery site in Edmonton,
First Capital Realty completes joint acquisition of development lands including the former Molson Brewery site in Edmonton, Alberta
TORONTO, March 4, 2013 /CNW/ - First Capital Realty Inc. ("First Capital Realty" or the "Company") (TSX: FCR), Canada's leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing urban markets, announced today that it has completed the acquisition with its equal joint venture partner, Sun Life Assurance Company of Canada ("Sun Life"), of two contiguous, prime development land parcels totalling 14.3 acres, one of which is the site of the former Molson Brewery in Edmonton, Alberta.
The proposed retail and mixed use development at the intersection of 104(th) Avenue and 121(st) Street, in the heart of Edmonton's developing new urban corridor, will be an exciting, comprehensive development along one of the most important east-west thoroughfares in central Edmonton. Once developed, the retail and mixed use property is expected to be directly linked to the planned 120(th )Street Station on the West LRT line (light rapid transit) and include retail space anchored by a high-end grocery store, a drugstore and a fitness facility, together with other uses. First Capital Realty will act as developer on behalf of the co-owners and will be responsible for all leasing and property management of the project. The aggregate purchase price of $32.3 million for the combined site (at 100% interest) including closing costs was satisfied in cash.
"This acquisition is directly in-line with our strategy to invest in supply-constrained urban markets", said Dori Segal, President and Chief Executive Officer. "In particular, we are pleased to expand our relationship and once more join forces with Sun Life to acquire and develop the site including the former Molson Brewery in Edmonton. This unique urban land parcel represents an attractive development opportunity."
ABOUT FIRST CAPITAL REALTY (TSX: FCR)
First Capital Realty is Canada's leading owner, developer and operator of supermarket and drugstore-anchored neighbourhood and community shopping centres, located predominantly in growing urban markets. The Company currently owns interests in 177 properties, including five under ground-up development, totalling approximately 25.0 million square feet of gross leasable area and three sites in the planning stage for future retail development.
This press release contains forward-looking statements and information within the meaning of applicable securities law. Forward-looking statements can be identified by the expressions "expects", "believes", "estimates", "will", "anticipates" and similar expressions. The forward-looking statements are not historical facts but reflect the Company's current expectations regarding future results or events and are based on information currently available to Management. Certain material factors and assumptions were applied in providing these forward-looking statements.
Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give no assurance that the actual results or developments will be consistent with these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Company's Management's Discussion and Analysis in its 2012 Annual Report and under "Risk Factors" in its current Annual Information Form. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. First Capital Realty undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by applicable securities law.
All forward-looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.
Dori J. Segal, President & CEO, or Karen H. Weaver, EVP & CFO First Capital Realty Inc. 85 Hanna Avenue, Suite 400 Toronto, Ontario, Canada M6K 3S3 Tel: (416) 504-4114 www.firstcapitalrealty.ca
SOURCE: First Capital Realty Inc.
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CO: First Capital Realty Inc. ST: Ontario NI: REL MNA
-0- Mar/04/2013 21:12 GMT