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First Capital REIT selling four properties for a total of $184 million

First Capital REIT selling four properties for a total of $184 million | iNFOnews.ca
The First Capital REIT logo is shown in a handout. The company says it has signed deals to sell four properties including the Hazelton Hotel in Toronto for a combined total of $184 million.THE CANADIAN PRESS/HO

TORONTO – First Capital REIT says it has signed deals to sell four properties including the Hazelton Hotel in Toronto for a combined total of $184 million.

The real estate trust says it is selling the Hazelton Hotel and a 50 per cent interest in the hotel’s restaurant, One Restaurant, to Hennick & Co. for $110 million.

The other properties being sold include a residential condominium development site in Toronto, a residential development site at Montreal’s Wilderton Shopping Centre, and Carre Queen Mary, a small apartment building with retail space in Montreal.

First Capital CEO Adam Paul says the successful continuation of the trust’s portfolio optimization plan first outlined last September remains a top priority.

The trust expects the four transactions to be completed in the second and third quarters of 2023, subject to closing conditions.

It says once the deals are complete it will have monetized approximately $360 million of the more than $1 billion of assets targeted for disposition by the end of 2024.

This report by The Canadian Press was first published April 11, 2023.

Companies in this story: (TSX:FCR.UN)

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