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Firm Capital Property Trust Announces The Acquisition Of A 50% Interest In An Industrial Portfolio And Non-brokered Private Placement

Monday, 8 Jul 2013 04:00pm EDT 

Firm Capital Property Trust announced that the Trust has contracted to purchase a 50% participation in a property portfolio acquisition. The total acquisition of 25 industrial buildings located in Montreal is $48.2 million, excluding transaction costs (the Portfolio). The acquisition is still subject to certain due diligence conditions. The Portfolio is comprised of 1,029,898 square feet located in Montreal. The Portfolio consists of seventeen multi-tenant and eight single-tenant industrial buildings. The Portfolio has a total of 90 tenants. The Portfolio is in proximity to Pierre Elliott TrudeauAirport as well as the Trans-Canada Highway. The Portfolio is approximately 90% occupied. The funding required by the Trust for its 50% interest in the Portfolio will come from a combination of existing cash resources and a Board of Trustees approved non-brokered private placement of up to $8.0 million at $5.10 per trust unit. Closing of the non-brokered private placement will occur on or about July 24, 2013. 

Company Quote

18 Dec 2014