- Firm Capital Property Trust (FCD.UN) has acquired a 50 per cent interest in a 234,424 square foot six-building multi-tenant industrial portfolio located in Edmonton
- Private clients affiliated with members of senior management and the board of trustees of the Trust own the remaining 50 per cent in a side-by-side alignment of interest structure
- The acquisition was financed, in part, with a $23.7 million first mortgage
- Firm Capital is focused on owning and co-owning a diversified real estate portfolio
- Firm Capital Property Trust (FCD.UN) opened trading at C$7.79 per share
Firm Capital Property Trust has acquired a 50 per cent interest in a 234,424 square foot six-building multi-tenant industrial portfolio in Edmonton, Alberta.
The Edmonton Industrial portfolio’s location offers excellent access to major vehicular and rail transportation infrastructure. The property is a short drive to downtown Edmonton and the Edmonton International Airport and in close proximity to the Trust’s existing Edmonton Industrial and Residential properties.
The Edmonton industrial portfolio is 93 per cent occupied and immediately accretive to AFFO.
The Trust owns 50 per cent of the portfolio and private clients affiliated with members of senior management and the board of trustees of the Trust own the remaining 50 per cent in a side-by-side alignment of interest structure.
The acquisition was financed, in part, with a $23.7 million first mortgage from a Canadian chartered bank. The remaining equity requirement of $12.8 million was split between the trust and the private clients. The trust’s portion was funded through existing cash resources.
The trust’s portfolio now consists of approximately 42 per cent grocery-anchored and essential retail, 32 per cent industrial, 18 per cent residential, 8 per cent non-grocery anchored retail and under 1 per cent office space.
Firm Capital Property Trust is focused on owning and co-owning a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail and core service provider professional space.
Firm Capital Property Trust (FCD.UN) opened trading at C$7.79 per share.
