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.
First Capital REIT Announces Expansion of Strategic Partnership and Monetization of a Portion of its Density rights in Greater Montreal Development
News provided by
Share this article
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, Dec. 17, 2020 /CNW/ - First Capital REIT ( First Capital ) (TSX: FCR.UN), a leading developer, owner and manager of mixed-use real estate located in Canada s most densely populated cities, announced today a firm agreement to sell a 50% non-managing interest in a geographically diverse portfolio of six grocery anchored properties as well as a 100% interest in a portion of the development land at Place Panama on Montreal s south shore, for an aggregate combined sale price of approximately $115 million.