First Capital Realty completes C$115 million equity offering
On May 26, 2016, First Capital Realty Inc. (First Capital Realty) closed its previously announced bought deal public offering of 5,451,000 common shares at a price of C$21.10 per share to a syndicate of underwriters co-led by TD Securities Inc. and RBC Capital Markets for gross proceeds of approximately C$115 million. The closing included 711,000 common shares issued as a result of the exercise in full of the underwriters' over-allotment option.
The net proceeds from the offering will be used to (i) fund the purchase of certain recently completed acquisitions, (ii) satisfy First Capital Realty's share of the purchase of certain anticipated near-term acquisitions, and (iii) continue to fund First Capital Realty's upcoming development expenditures and for general corporate purposes.
First Capital Realty is one of Canada's largest owners, developers and managers of grocery anchored, retail-focused urban properties where people live and shop for everyday life, with ownship interests in 160 properties, totaling approximately 24.8 million square feet of gross leasable area.
Further information can be found on First Capital Realty's website.