First Capital Realty makes proposal to Special Committee of Sterling Centrecorp



    TORONTO, April 25 /CNW/ - First Capital Realty Inc. ("First Capital
Realty") (TSX: FCR) Canada's leading owner, developer and operator of
supermarket-anchored neighbourhood and community shopping centres located
predominantly in growing metropolitan areas, announced today that it has
delivered a letter to the Special Committee of Sterling Centrecorp Inc.
("Sterling") with respect to a proposed take-over bid by First Capital Realty
for Sterling's outstanding common shares. In the letter, First Capital Realty,
which, together with its affiliates, owns approximately 8.4% of the
outstanding common shares of Sterling, has indicated that it is prepared to
propose a bid at a price of $1.62 per share, payable in cash or a combination
of cash and First Capital Realty shares, subject to completion of satisfactory
due diligence and other customary conditions. First Capital Realty has
requested access to due diligence materials in order to complete its
assessment of Sterling and to structure a definitive offer. First Capital
Realty has also recommended that the Special Committee postpone Sterling's
annual and special meeting of shareholders, currently scheduled for April 30,
and indicated its desire to proceed expeditiously to develop an alternative
transaction for consideration by the shareholders.
    First Capital Realty is awaiting the Special Committee's response to its
proposal.

    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 161 properties, including 7 under development, with approximately
18.9 million square feet of gross leasable area. 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 334 properties totalling approximately
36.8 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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