First Capital REIT Announces Disposition of Residential Component of 1100 King Street West as it Begins Executing Enhanced Capital Allocation and Portfolio Optimization Plan
|NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES | TORONTO , Sept. 28, 2022 |CNW| - First Capital REIT ("First Capital", "FCR" or the "REIT") (TSX: FCR ) announced today that it has entered into a firm agreement to sell its remaining 50% non-managing interest in the residential component of King High Line, located at 1100 King Street West in Toronto , for gross proceeds of $149 million . FCR will retain its 100% interest in the retail and commercial parking components of King High Line. King High Line is a mixed-use property abutting the Liberty Village neighbourhood of downtown Toronto . First Capital developed the almost three-acre site, which includes three residential towers with an aggregate of 506 residential suites. The first tenant took possession in 2019 and occupancy of the residential component is currently 96%. The sale price equates to a capitalization rate of less than 3% on in-place net operating income. The property was recently financed with an interest-only, ten-year, $160 million first mortgage ( $80 million at FCR''s share) which carries a 4.8% fixed interest rate.
First Capital REIT Announces Disposition of Residential Component of 1100 King Street West as it Begins Executing Enhanced Capital Allocation and Portfolio Optimization Plan
|NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES | TORONTO , Sept. 28, 2022 |CNW| - First Capital REIT ("First Capital", "FCR" or the "REIT") (TSX: FCR ) announced today that it has entered into a firm agreement to sell its remaining 50% non-managing interest in the residential component of King High Line, located at 1100 King Street West in Toronto , for gross proceeds of $149 million . FCR will retain its 100% interest in the retail and commercial parking components of King High Line. King High Line is a mixed-use property abutting the Liberty Village neighbourhood of downtown Toronto . First Capital developed the almost three-acre site, which includes three residential towers with an aggregate of 506 residential suites. The first tenant took possession in 2019 and occupancy of the residential component is currently 96%. The sale price equates to a capitalization rate of less than 3% on in-place net operating income. The property was recently financed with an interest-only, ten-year, $160 million first mortgage ( $80 million at FCR''s share) which carries a 4.8% fixed interest rate.