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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-0- Mar/04/2013 21:12 GMT
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