First Capital Realty Inc. announces $37.8 million bought deal share issue



    /NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
    SERVICES/

    TORONTO, June 23 /CNW/ - First Capital Realty Inc. ("First Capital
Realty") (TSX:FCR), Canada's leading owner, developer and operator of
supermarket and drugstore anchored neighbourhood and community shopping
centres, located predominantly in growing metropolitan areas, announced today
that it has entered into an agreement with a syndicate of underwriters, led by
RBC Capital Markets, for the purchase by the underwriters, subject to
regulatory approval, of 1,600,000 common shares of First Capital Realty at a
price of $23.60 per common share for total gross proceeds of approximately
$37.8 million. As part of the transaction, Gazit Canada Inc. and Alony-Hetz
Properties and Investments Ltd., have agreed to purchase 300,000 and 100,000,
respectively, of the common shares being re-offered by the underwriters, with
the remaining 1,200,000 common shares being offered to the public.
    First Capital Realty has also granted the underwriters an over-allotment
option, exercisable in whole or in part at any time up to 30 days after
closing, to purchase up to an additional 240,000 common shares at the same
offering price.
    The offering is expected to close on or about July 3, 2008. The offering
is being made under First Capital Realty's base shelf prospectus dated June 2,
2008. The terms of the offering will be described in a prospectus supplement
to be filed with Canadian securities regulators.
    The net proceeds from the offering will be used by First Capital Realty
to pay down amounts owing on certain of First Capital Realty's revolving
credit facilities, to fund identified and future acquisitions, to fund
development activities and for general corporate purposes.
    This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in any jurisdiction. The
securities being offered have not been and will not be registered under the
U.S. Securities Act of 1933 and state securities laws. Accordingly, the
securities may not be offered or sold to U.S. persons except pursuant to
applicable exemptions from registration requirements.

    About First Capital

    First Capital Realty is Canada's leading owner, developer and operator of
supermarket and drugstore anchored neighbourhood and community shopping
centres, located predominantly in growing metropolitan areas. The Company
currently owns interests in 164 properties, including eight under development,
totalling approximately 19.4 million square feet of gross leasable area and 12
land sites in the planning stage for future retail development. In addition,
the Company owns 14 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 329 properties totalling
approximately 36.5 million square feet of gross leasable area.

    This press release may contain forward-looking statements relating to
First Capital Realty's operations and the environment in which it operates
that are based on First Capital Realty's expectations, estimates, forecasts
and projections. These statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to control or predict.
Therefore, actual outcomes and results may differ materially from those
expressed in these forward-looking statements. 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. Except as required by law, 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.





For further information:

For further information: Dori J. Segal, President & C.E.O., or Karen H.
Weaver, C.F.O., First Capital Realty Inc., 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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