First Capital REIT Announces Closing of Strategic Partnership with Pemberton Group to Develop the Former Christie Cookie Site in Toronto
CNW Group - CND - 1 hour ago
First Capital REIT ("First Capital") (TSX: FCR.UN) announced today that it has closed the previously announced transactions expanding its relationship with Pemberton Group ("Pemberton"), through a strategic partnership to develop the 28-acre development site located at 2150 Lake Shore Boulevard West at Park Lawn Road in Toronto (the "Development Site" or "Property").
Pemberton has now become a 50% development partner with First Capital in the Property, which will be transformed over the coming years into a sustainable and inclusive, master-planned, mixed-use transit-oriented neighbourhood. As formerly disclosed, the new partnership was created in conjunction with First Capital's exercise of an option to purchase its previous partner's 50% interest in the Development Site for approximately $56 million, and the conveyance of a 50% interest in the Property to Pemberton for $156 million.
Completion of the transaction in the third quarter is expected to positively impact Net Asset Value by at least $85 million (approximately $0.38 per unit), resulting in a total impact of at least $175 million including amounts previously recognized in the second quarter of 2021.
About First Capital REIT (TSX: FCR.UN)
First Capital is a leading owner, operator and developer of grocery anchored and mixed-use properties located in Canada's largest cities. First Capital's focus is on creating thriving urban neighbourhoods to generate value for businesses, residents, communities, and our investors.