First Capital Realty Completes Acquisition of False Creek Village Retail Property in Vancouver
TORONTO, Dec. 3, 2013 /CNW/ - First Capital Realty Inc. ("First Capital Realty") (TSX: FCR) Canada's leading owner, developer and manager of well-located, high quality, urban retail-centered properties, announced today its acquisition of an urban retail property in Vancouver.
The False Creek Village streetfront retail property is located in the heart of Vancouver and is part of a major mixed use development that originally served as the athlete village for the Vancouver 2010 Olympic Winter Games. The property comprises approximately 64,000 square feet of gross leasable area and 139 underground parking spaces, and is located on the ground floor in each of the four mixed use retail and residential buildings surrounding the community's outdoor main plaza. Tenants include an Urban Fare grocery store, a London Drugs pharmacy, a TD Canada Trust branch and a liquor store. The purchase price of approximately $46.1 million, including closing costs, was satisfied in cash.
False Creek Village is a recently developed and growing community located on the waterfront of False Creek, directly across from and with convenient access to Vancouver's downtown core. Substantial additional residential and mixed use development is underway and planned for the community around the property. According to census-based data, the population within a one and three kilometer radius of False Creek Village is projected to grow at a rate of 34.2% to 22,800 and 10.4% to 257,200, respectively, from 2012 to 2017.
"We are very excited to add this first class urban property to our Vancouver portfolio. False Creek Village represents a very rare opportunity to own the primary retail node in a young, rapidly growing, downtown urban community in a world class city." said Brian Kozak, First Capital Realty's Executive Vice President, Western Canada. "We look forward to being part of this community's exciting future, and to helping anchor its growth."
ABOUT FIRST CAPITAL REALTY (TSX: FCR)
First Capital Realty is Canada's leading owner, developer and manager of well-located, high quality urban retail-centered properties where people live and shop for everyday life. The Company currently owns interests in 164 properties, including four ground-up development projects, totalling approximately 24.3 million square feet of gross leasable area and three sites in the planning stage for future retail development.
This press release contains forward-looking statements and information within the meaning of applicable securities law. Forward-looking statements can be identified by the expressions "expects", "believes", "estimates", "will", "projected" and similar expressions. The forward-looking statements are not historical facts but reflect the Company's current expectations regarding future results or events and are based on information currently available to Management. Certain material factors and assumptions were applied in providing these forward-looking statements.
Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give no assurance that the actual results or developments will be consistent with these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in First Capital Realty's Management's Discussion and Analysis in its 2012 Annual Report and under "Risk Factors" in its current Annual Information Form. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. First Capital Realty undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by applicable securities law.
All forward-looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.
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SOURCE First Capital Realty Inc.For further information:
Dori J. Segal, President & CEO, or
Karen H. Weaver, Executive Vice President & CFO
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
TSX : FCR