First Capital Realty raises $47 million

First Capital Realty Inc, which owns three sites in the planning stage for future retail development, has closed an offering of units, raising nearly $47 million.

First Capital Realty Inc., which owns three sites in the planning stage for future retail development, announced Friday it closed an offering of units, raising nearly $47 million.

“The net proceeds from this offering will be used by First Capital Realty for development and redevelopment activities, acquisitions and for general corporate purposes,” the Toronto–based firm stated in a press release.

Holdings in Eastern Canada include Appleby Village in Burlington, the Shops at King Liberty in Toronto, Clairfield Commons in Guelph, Rutherford Marketplace in Vaughan and Centre Commercial Beaconsfield west of Montreal.

The financing that closed Friday entails the issue of 2.5 million units for $18.75 each. It was underwritten by a syndicate of investment banks led by TD Securities Inc. and including RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd.

First Capital currently owns interests in 166 properties, including eight under greenfield development plus three sites in the planning stage for future retail development.

In May, the firm announced it planned to raise nearly $100 million agreed to issue , on a bought deal basis, $100 million in unsecured debentures bearing an annual interest rate of 4.43 per cent.

In September, 2011 the firm acquired $181 million in properties, including: the Hazelton Lanes mixed-use property on Avenue Road north of Bloor Street in Toronto; the Macleod Plaza in Calgary; and Longstreet Shopping Centre in Edmonton.

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