First Capital completes conversion to a real estate investment trust

On December 30, 2019, First Capital Real Estate Investment Trust ("First Capital" or the "REIT"), one of Canada's leading developers, owners and operators of mixed-use urban real estate in Canada's most densely populated centres, announced that the previously announced plan of arrangement to convert First Capital Realty Inc. from a corporation to a real estate investment trust was complete. The units of the REIT began trading on the Toronto Stock Exchange on December 30, 2019 under the symbol "FCR.UN".

Under the terms of the arrangement, announced July 9 2019, each outstanding common share of the First Capital Realty Inc. was exchanged for one unit of the REIT, unless a qualifying shareholder elected to receive exchangeable Class B limited partnership units in a partnership controlled by the REIT in exchange for its common shares.

Further information can be found on Canada Newswire's website.

First Capital is one of Canada's leading developers, owners and operators of mixed-use urban real estate in Canada's most densely populated centres. The REIT's focus is on creating thriving neighbourhoods that create value for businesses, residents, communities and its investors.