Firm Capital Property Trust Announces a Transformational $83 Million Retail Joint Arrangement With Crombie Real Estate Investment Trust

Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Firm Capital Property Trust Announces a Transformational $83 Million Retail Joint Arrangement With Crombie Real Estate Investment Trust

Canada NewsWire

TORONTO, Jan. 14, 2019 /CNW/ - Firm Capital Property Trust ("FCPT" or the "Trust") (TSXV: FCD.UN) is pleased to announce the acquisition of a 50% interest in seven retail properties located in Alberta, Nova Scotia, Saskatchewan, Ontario and Quebec with Crombie Real Estate Investment Trust ("Crombie REIT") (the "Portfolio"). The acquisition price for 100% of the Portfolio is approximately $83.2 million, excluding transaction costs. The Trust's portion of the acquisition price is approximately $41.6 million. As a result of the Portfolio acquisition, the Trust's current portfolio will increase by approximately 20% to $263 million.

The Portfolio is comprised of seven properties totaling 296,376 square feet with six of the properties being anchored by Sobeys owned grocery stores and one property being anchored with Shoppers Drug Mart. The Portfolio is 100% occupied and currently owned by Crombie REIT. The Trust and Crombie REIT will enter into a co-ownership arrangement such that the Trust will own 50% and Crombie REIT will own 50% of the Portfolio.





Anchor Tenant

Total Property


8118 - 118 Avenue NW





Forest Hills,
Cole Harbour

2 Forest Hills Parkway





13th Ave Regina

2915 13th Ave





Russell Lake

268 Baker Dr





University Park

2231 East
Quance St






409 Bayfield St



Fresh Co


Montreal –

1 Westminster
Ave N



Drug Mart



The Portfolio is being financed through a combination of existing cash resources (including the Trust's credit facility) and new and existing mortgages. The Portfolio is expected to close during Q1/2019 and is expected to be immediately accretive to AFFO. The Return on Investment for the transaction is approximately 10.5%. The Portfolio will be managed by Crombie REIT.

"We are pleased to be able to partner with one of Canada's premier owner and operators of grocery-anchored retail properties." said Robert McKee, President and CEO of the Trust.

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, The Trust's plan is to co-own a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail, and core service provider professional space. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.

For the complete financial statements, Management's Discussion & Analysis and supplementary information, please visit or the Trust's website at

This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at or

SOURCE Firm Capital Property Trust

View original content:

Copyright CNW Group 2019

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to (via Easy Blurb).