First Capital Realty Inc.

First Capital Realty Inc.

April 03, 2006 08:22 ET

First Capital Realty Inc. Announces $25.75 Million Bought Deal Share Issue

TORONTO, ONTARIO--(CCNMatthews - April 3, 2006) -


First Capital Realty Inc. ("First Capital") (TSX:FCR) Canada's leading owner, developer and operator of supermarket anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas, announced today that it has entered into an agreement with a syndicate of underwriters, led by RBC Dominion Securities Inc., for the purchase by the underwriters on a bought deal basis, subject to regulatory approval, of 1,000,000 common shares of First Capital at a price of $25.75 per common share, for total gross proceeds of $25.75 million. In addition, First Capital has granted the underwriters an over-allotment option, exercisable in whole or in part at any time up to 30 days after closing, to purchase up to an additional 150,000 Shares at the same offering price.

The offering is expected to close on or about April 11, 2006. The offering is being made under First Capital's base shelf prospectus dated June 1, 2004. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.

The net proceeds from the offering will be used by First Capital to repay its credit facilities and to fund future acquisitions, development and redevelopment activities and for general corporate purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About First Capital

First Capital Realty is Canada s leading owner, developer and operator of supermarket anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas. The Company currently owns interests in 137 properties, including 6 under development, with approximately 16.3 million square feet of gross leasable area. In addition, the Company owns 13.3 million shares of Equity One (approximately 17.8%), one of the largest shopping centre REITS in the southern U.S., that trades on the New York Stock Exchange under the ticker symbol EQY. Including its investment in Equity One, the Company has interests in 333 properties totaling approximately 36.5 million square feet of gross leasable area.

This press release may contain forward-looking statements relating to First Capital Realty's operations and the environment in which it operates that are based on First Capital Realty's expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. First Capital Realty undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.

Contact Information

  • First Capital Realty Inc.
    Dori J. Segal
    President & C.E.O.
    (416) 504-4114
    (416) 941-1655 (FAX)
    BCE Place, Canada Trust Tower, 161 Bay Street, Suite 2820
    Toronto, Ontario, Canada M5J 2S1
    First Capital Realty Inc.
    Karen H. Weaver
    (416) 504-4114
    (416) 941-1655 (FAX)