First Capital Realty announces completion of its previously announced $59 million unit offering



    TORONTO, Aug. 5 /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 closed its previously announced offering of 3,450,000 units (the
"Units") of First Capital Realty at a price of $17.10 per Unit for total gross
proceeds of approximately $59 million, including exercise of the
over-allotment option by the underwriters. Each Unit consists of: (i) one
common share of First Capital Realty (a "Common Share"), and (ii) two-thirds
of a common share purchase warrant, rounded to two decimal places (a
"Warrant"). The Common Shares and the Warrants will be separable immediately
upon closing of the offering. Each whole Warrant will entitle the holder to
acquire at any time up to October 29, 2010, one Common Share of First Capital
Realty at an exercise price equal to $17.53, subject to adjustment. As part of
the transaction, Gazit Canada Inc., an affiliate of the principal shareholder
of First Capital Realty, purchased 600,000 Units and Nathan Hetz, a director
of First Capital Realty, purchased 15,000 Units at the offering price. The
Toronto Stock Exchange has conditionally approved the listing of the whole
Warrants (under the symbol "FCR.WT.A"), subject to the Company fulfilling all
of the listing requirements of the TSX.
    The offering was underwritten by a syndicate of underwriters led by RBC
Capital Markets and including TD Securities Inc., BMO Nesbitt Burns Inc.,
Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc.,
Genuity Capital Markets, Raymond James Ltd. and Canaccord Capital Corporation.
    First Capital Realty will, on or about closing of this offering, apply
the net proceeds from this offering to repay equivalent amounts outstanding on
its revolving credit facilities.
    Purchasers of securities under this offering will not be entitled to
receive the special dividend-in-kind of First Capital Realty's interest in
Gazit America Inc., as announced in First Capital Realty's press release dated
June 22, 2009, and the exercise price for the Warrants will not be adjusted as
a result of that special dividend.
    This press release does 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.


    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 175 properties, including four under development,
totalling approximately 20.4 million square feet of gross leasable area and 7
land sites in the planning stage for future retail development.

For further information:

For further information: Dori J. Segal, President & C.E.O., or Karen H.
Weaver, E.V.P. & C.F.O., First Capital Realty Inc., 85 Hanna Avenue, Suite
400, Toronto, Ontario, Canada, M6K 3S3, Tel: (416) 504-4114, Fax: (416)

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