TORONTO, Sept. 30, 2016 /CNW/ - Firm Capital Property
Trust (the "Trust") (TSXV: FCD.UN) is pleased to announce
the acquisition of a 40% interest in Thickson Place, located in
Whitby, Ontario. The acquisition
price values the property at approximately $39.5 million (at 100%), excluding transaction
costs. As a result of the acquisition, the Trust will increase the
size of its current portfolio by approximately 11% to $157 million.
Thickson Place is a 100% occupied, 104,808 square foot retail
property anchored by Metro and LCBO. It is located at 80 Thickson
Road South, directly across from Whitby Mall, which the Trust
purchased a 40% interest in with the same joint venture partners in
June of 2016. Owning the two neighbouring centres provides a
strategic benefit and long term synergies. Thickson Place was
previously owned 100% by First Capital Realty.
The acquisition of Thickson Place was funded through the Trust's
existing cash resources and debt arranged on Whitby Mall.
The joint venture is comprised of the Trust for 40%, First
Capital Realty for 50%, and 10% is held by a syndicate group.
Thickson Place and Whitby Mall will each be managed by First
Capital Realty.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSXV :FCD.UN)
Firm
Capital Property Trust 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, The Trust's plan is to co-own a
diversified property portfolio of multi-residential, flex
industrial, net lease convenience retail, and core service provider
professional space. In addition to stand alone accretive
acquisitions, the Trust will make joint acquisitions with strong
financial partners and acquisitions of partial interests from
existing ownership groups, in a manner that provides liquidity to
those selling owners and professional management for those
remaining as partners. Firm Capital Properties Inc., through
a structure focused on an alignment of interests with the Trust
sources, syndicates and property and asset manages investments on
behalf of the Trust.
Further information about the Trust can be found by selecting
the Firm Capital Property Trust link at www.firmcapital.com.
FORWARD LOOKING INFORMATION
This press release may
contain forward-looking statements. In some cases, forward-looking
statements can be identified by the use of words such as "may",
"will", "should", "expect", "plan", "anticipate", "believe",
"estimate", "predict", "potential", "continue", and by discussions
of strategies that involve risks and uncertainties. The
forward-looking statements are based on certain key expectations
and assumptions made by the Trust regarding, among other things,
the closing of the acquisition of the Portfolio. By their nature,
forward-looking statements involve numerous assumptions, inherent
risks and uncertainties, both general and specific, that contribute
to the possibility that the predictions, forecasts, projections and
various future events will not occur. Although management of the
Trust believes that the expectations reflected in the
forward-looking statements are reasonable, there can be no
assurance that future results, levels of activity, performance or
achievements will occur as anticipated. Neither the Trust nor any
other person assumes responsibility for the accuracy and
completeness of any forward-looking statements, and no one has any
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or such other
factors which affect this information, except as required by
law.
SOURCE Firm Capital Property Trust