Firm Capital Property Trust Announces Closing of $36.3 Million Edmonton Industrial Portfolio
April 12 2022 - 5:32PM
Firm Capital Property Trust (“
FCPT” or the
“
Trust”) (TSX: FCD.UN) is pleased to announce the
closing of the previously announced 50% interest in a 234,424
square foot six building multi-tenant industrial portfolio located
in Edmonton, Alberta (the “
Edmonton Industrial
Portfolio” or the “
Property”).
The acquisition price for 100% of the Property is approximately
$36.3 million ($155 per square foot), excluding
transaction costs.
The Edmonton Industrial Portfolio’s located on
Whitemud Drive NW and 97 Street, offers excellent access to major
vehicular and rail transportation infrastructure. The Edmonton
Industrial Portfolio is a short drive to downtown Edmonton and the
Edmonton International Airport. The Property is also in close
proximity to the Trust’s existing Edmonton Industrial and
Residential properties. The Edmonton Industrial Portfolio is 93%
occupied and immediately accretive to AFFO.
The Trust acquired the Edmonton Industrial
Portfolio such that the Trust owns 50% and private clients
affiliated with certain members of senior management and the board
of trustees of the Trust (the “Private Clients”)
owning the remaining 50% in a side-by-side alignment of interest
structure. The acquisition of the Edmonton Industrial Portfolio was
financed, in part, with a new $23.7 million first mortgage from a
Canadian Chartered Bank. The remaining equity requirement of $12.8
million (excluding transaction costs), was split 50% by the Trust
and 50% by the Private Clients. The Trust’s portion of the equity
requirement of $6.4 million (excluding transaction costs) was
funded through existing cash resources (including the Trust’s
credit facility).
As a result of the acquisition of the Property,
the Trust’s portfolio (based on IFRS values) consists of
approximately 42% grocery anchored and essential retail, 32%
industrial, 18% residential, 8% non-grocery anchored retail and
under 1% for office.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSX :
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 Realty Partners 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.
For the complete financial statements,
Management’s Discussion & Analysis and supplementary
information, please visit www.sedar.com or the Trust’s website at
www.firmcapital.com
FORWARD LOOKING INFORMATIONThis
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. 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.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, which may be made
only by means of a prospectus, nor shall there be any sale of the
Units in any state, province or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under securities laws of any such state, province
or other jurisdiction. The Units of the Firm Capital Property Trust
have not been, and will not be registered under the U.S. Securities
Act of 1933, as amended, and may not be offered, sold or delivered
in the United States absent registration or an application for
exemption from the registration requirements of U.S. securities
laws.
Neither the Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX)
accepts responsibility for the adequacy or accuracy of this
release. Additional information about the Trust is available at
www.firmcapital.com or www.sedar.com.
For further
information, please contact: |
|
|
|
Robert
McKee |
Sandy
Poklar |
President & Chief Executive Officer |
Chief Financial Officer |
(416) 635-0221 |
(416) 635-0221 |
For Investor Relations information, please
contact:
Victoria MoayediDirector, Investor
Relations(416) 635-0221
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