First Capital Realty announces that Sterling bid will not proceed



    TORONTO, June 15 /CNW/ - First Capital Realty Inc. ("First Capital
Realty") (TSX: FCR), announced today that its take-over bid for the
outstanding common shares (the "Shares") and 8.50% convertible unsecured
subordinated debentures due December 31, 2009 (the "Debentures") of Sterling
Centrecorp Inc. ("Sterling") will not proceed, in view of Sterling's
completion of a plan of arrangement under which all outstanding Sterling
common shares have now been acquired by SCI Acquisition Inc.

    ABOUT FIRST CAPITAL REALTY

    First Capital Realty is Canada's leading owner, developer and operator of
supermarket-anchored neighbourhood and community shopping centres, located
predominantly in growing metropolitan areas. The Company currently owns
interests in 163 properties, including 7 under development, with approximately
19.1 million square feet of gross leasable area, and also has 9 land sites in
the planning stage for future retail development. In addition, the Company
owns 13.9 million shares of Equity One (approximately 19%), one of the largest
shopping centre REITs in the southern U.S., that trades on the New York Stock
Exchange under the ticker symbol EQY. Including its investments in Equity One,
the Company has interests in 339 properties totalling approximately
37.0 million square feet of gross leasable area.





For further information:

For further information: Dori J. Segal, President & C.E.O., or Karen H.
Weaver, C.F.O., First Capital Realty Inc., King Liberty Village, 85 Hanna
Avenue, Suite 400, Toronto, Ontario, Canada, M6K 3S3, Tel: (416) 504-4114,
Fax: (416) 941-1655, www.firstcapitalrealty.ca


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