A Toronto-based real estate developer with significant holdings in the National Capital Region is selling a stake in three Gatineau properties to one of its institutional partners.
First Capital REIT said this week it’s agreed to sell a 50 per cent non-managing interest in Gatineau retail centres Carrefour du Versant, Place Nelligan and Place Cité des Jeunes for a combined price of nearly $60 million. The unnamed investor had previously purchased a stake in other First Capital properties in Ottawa last year.
The transactions are expected to close before the end of 2020.
“We are delighted to expand our relationship with a great existing partner through this most recent transaction and look forward to further partnering in the future on additional properties from both First Capital and third parties,” First Capital CEO Adam Paul said in a statement.