First Capital Realty completes C$173 million equity offering

On August 17, 2016, First Capital Realty Inc. (First Capital Realty) announced that it closed its previously announced bought deal public offering of 7,636,000 common shares at a price of C$22.60 per share to a syndicate of underwriters co-led by TD Securities Inc. and RBC Capital Markets for gross proceeds of approximately C$173 million. The closing included 996,000 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 partially fund First Capital Realty's capital requirements on various acquisitions, including the purchase of a flagship retail property at Yonge Street and Bloor Street in Toronto, and the Pusateri's Assembly property at Avenue Road and Lawrence Avenue in Toronto. The balance will be used for general corporate purposes.

First Capital Realty is one of Canada's largest owners, developers and managers of grocery anchored, retail-focused urban properties, with interests in 161 properties, totaling approximately 25.2 million square feet of gross leasable area.

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