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ectors: The Trust has decided that it would strategically focus its near-term acquisition efforts on the industrial and multi-residential sectors across Canada by reducing its exposure to its non-core retail assets. In this regard, we have initially identified 13 non-core retail assets for disposition and have transferred approximately $20 million from our core portfolio to “Assets Held for Sale”. To date three properties have been sold and the remaining 10 are under contract and are expected to close through 2021. The program is ongoing and we expect the identification of further non-core retail assets for sale and redeployment into the industrial and multi-residential sectors as the year continues.
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.