First Capital Realty announces acquisition and redevelopment of Westmount Shopping Centre in Edmonton, Alberta

    TORONTO, March 15 /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 the acquisition
of Westmount Shopping Centre. The property is located in northwest Edmonton
situated on 30.5 acres of land and on completion will consist of
511,000 square feet. The purchase price of $70 million, including closing
costs, was satisfied in cash.
    The shopping centre is anchored by a 47,400 square foot Safeway
supermarket, and includes a 91,800 square foot Zellers as well as Shoppers
Drug Mart, TD Bank, Scotiabank and several national restaurant brands. A
portion of the existing mall is being redeveloped to accommodate a new 91,000
square foot Home Depot and a 27,000 square foot Gold's Gym both of which are
scheduled to open in the second quarter of 2008. The Company expects to invest
approximately $20 million of additional cash in the new Home Depot and the
Gold's Gym, along with other redevelopment and improvements to the property,
bringing the total investment to approximately $90 million.
    "I am very pleased with this significant acquisition. It adds a modern
and well-located property to our Western Canadian portfolio and most
importantly, it will be accretive to our Funds from Operations," stated Brian
Kozak, Vice President, Western Canada. "Edmonton remains one of the country's
strongest growing urban markets, and I believe we will continue to expand our
presence in the region going forward."

    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 158 properties, including 6 under development, with approximately
18.7 million square feet of gross leasable area.  In addition, the Company
owns 13.9 million shares of Equity One (approximately 19.1%), 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 investment in
Equity One, the Company has interests in 331 properties totalling
approximately 36.6 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., 85 Hanna Ave., Suite 400, Toronto,
Ontario, Canada, M6K 3S3, Tel: (416) 504-4114, Fax: (416) 941-1655,

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