09:19 AM EDT, 04/11/2023 (MT Newswires) -- First Capital REIT (TSX: FCR.UN) said Tuesday that it has signed firm agreements to sell four properties with a total sale price of $184 million.
The properties are the Hazelton Hotel, together with its 50% interest in ONE Restaurant, located in Toronto's Yorkville neighborhood to Hennick & Co.; 5051 Yonge Street, a residential condominium development site located in North York at Hillcrest Avenue; a residential development site of the final phase of the intensification at Wilderton Shopping Centre, located in Montreal; and 5146-5164 Queen Mary Road in Montreal.
The company's shares slipped 0.1% in Canada yesterday.
The transactions will help the company expand enhanced capital allocation and portfolio optimization plan.
Upon closing of these separate transactions, First Capital will have monetized about $360 million of the more than $1 billion of assets targeted for sale by year-end 2024.