- What First Capital has agreed to sell two retail properties in the GTA
- Why Disposals are part of the REIT’s portfolio optimization plan
- What next The deals are expected to close in Q4 and Q1 2025
First Capital Real Estate Investment Trust has agreed to sell two properties in the Greater Toronto Area for $66m.
The company agreed to sell a 107,000 sq ft complex at 1629-1633 The Queensway in Etobicoke and a 30,000 sq ft building at 895 Lawrence Avenue East in Toronto. The Toronto-based REIT expects the transactions to close in Q4 and Q1 2025.
According to the company, both properties have redevelopment potential. First Capital submitted a planning application in July 2022, seeking to redevelop 895 Lawrence Avenue East into a mixed-use complex with 438 residential units and more than 15,000 sq ft of retail space.
The disposals are part of First Capital’s portfolio optimization plan, announced in 2022, that aims to monetize over $1bn of low-yielding assets by the end of 2024. To date, the REIT has completed or signed $710m of sales.
