First Capital Realty announces completion of $75 million equity offering


TORONTO, Feb. 3, 2015 /CNW/ - First Capital Realty Inc. (TSX: FCR) (the "Company"), Canada's leading owner, developer and manager of well-located, high quality, urban retail-centered properties, announced today that it has closed its previously announced bought deal public offering of 3,800,000 common shares (the "Shares") at a price of $19.80 per Share to a syndicate of underwriters co-led by TD Securities Inc. and CIBC for gross proceeds of approximately $75 million (the "Offering").

In addition, the Company has granted the underwriting syndicate an over-allotment option, exercisable in whole or in part at any time up to 30 days after closing of the Offering, to purchase up to an additional 570,000 Shares at the Offering price which, if exercised in full, would increase the gross Offering size to approximately $86.5 million.

The Company will use the net proceeds from the Offering to fund the Company's share of all capital contribution obligations (approximately 53%) in respect of three property acquisitions (two on King Street West and one in midtown, Toronto) having an aggregate purchase price of approximately $37 million (at the Company's share noted above) made in its M+M Urban Realty partnership. The balance of the proceeds will be used to continue to fund the Company's upcoming development expenditures.

Upon closing of the Offering today, there were 220,533,827 Shares of the Company issued and outstanding.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


First Capital Realty is Canada's leading owner, developer and manager of well-located, high quality urban retail-centered properties where people live and shop for everyday life. The Company currently owns interests in 158 properties, totaling approximately 24.3 million square feet of gross leasable area.

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", "projected" 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 First Capital Realty's Management's Discussion and Analysis for the year ended December 31, 2013 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.

SOURCE First Capital Realty Inc.

For further information: Dori J. Segal, President & CEO, or Kay Brekken, Executive Vice President & CFO, First Capital Realty Inc., 85 Hanna Avenue, Suite 400, Toronto, Ontario, Canada M6K 3S3, Tel: (416) 504-4114, Fax: (416) 941-1655,, TSX:FCR


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