TORONTO, May 10, 2012 /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 urban markets, today announced that it has entered into a binding agreement to acquire The Plaza at New Westminster Station in the Greater Vancouver Area of British Columbia.
The Plaza at New Westminster Station is part of a major mixed use development located at the corner of 8th Street and Columbia Street in the heart of downtown New Westminster, BC. The development was built over a three-year period from 2009 through 2012. The property to be acquired by First Capital Realty consists of 194,000 square feet of gross leasable area and a 422 stall paid parking garage. The shopping centre is immediately adjacent to three residential towers and a fourth in the planning phase, and is integrated with the New Westminster SkyTrain light rapid transit (LRT) station and a bus terminal. The centre is also in close proximity to Douglas College and New Westminster City Hall, and is across the street from the planned New Westminster Civic Centre. Major tenants include Safeway, Landmark Theatres, Shoppers Drug Mart, Dollar Tree, CIBC, RBC, Starbuck's, A&W, Subway and Ardene.
Brian Kozak, First Capital Realty's Senior Vice President, Western Canada, said, "We are excited to add this urban and unique asset to our Vancouver portfolio. It is a great acquisition for us that will fit very well with our strategy and geographic footprint."
The acquisition is expected to be completed in the second quarter of 2012 and is subject to customary closing conditions. The purchase price of approximately $100 million, including closing costs, will be satisfied in cash. In May 2014, First Capital Realty will make a further earn-out based payment of up to $20 million in respect of the property's parking garage, signage and storage revenues.
ABOUT FIRST CAPITAL REALTY (TSX:FCR)
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 165 properties, including seven under greenfield development, totaling approximately 22.8 million square feet of gross leasable area and three sites in the planning stage for future retail development.
Forward Looking Statements
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", "anticipates" 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 the Company's 2011 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.
For further information:
Dori J. Segal, President & CEO, or
Karen H. Weaver, EVP & CFO
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114