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First Capital buys another shopping centre

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TORONTO -- First Capital Realty Inc. is acquiring the Hazelton Lanes shopping centre in Toronto's tony Yorkville district, as part of $181 million in acquisitions announced Friday.

The price is $110 million, which will be paid with a combination of cash and the assumption of a $58-million debt.

That deal is scheduled to close in October, subject to customary conditions.

First Capital has also recently acquired Macleod Plaza and surrounding land in Calgary for $34.3 million and the Longstreet Shopping Centre in Edmonton for $16.9 million.

"We are pleased with the acquisition of three properties located in the urban core of Toronto, Calgary and Edmonton, respectively," said Dori Segal, First Capital's president and CEO. "We see tremendous repositioning and rent growth opportunities in Hazelton Lanes shopping centre and all three properties are exactly in line with our acquisition strategy."

The company also announced it has made about $20 million worth of land acquisitions in several transactions since Aug. 11. First Canada also announced the sale of the West Lethbridge Town Centre and an adjacent development property and land in Lethbridge, Alta., for $42.6 million.

"We look forward to redeploying the capital to higher and better uses more aligned with our core strategies," Segal said.

There was also clarification Friday on how First Capital will be affected by the move of U.S. retailer Target Corp. into Canada.

First Capital said 14 of the Zellers leases have been assigned to Walmart Canada, which will make Walmart one of the company's top five tenants, with 18 locations.

Target will lease two former Zellers at First Capital properties in Hamilton and Montreal and the real-estate company has secured tenants for a significant portion of the Zellers space at Ambassador Plaza in Windsor, Ont.

"We are pleased with the outcome of our discussions with Walmart, Target and other retailers regarding the Zellers premises in our portfolio," Segal said. "We are happy to significantly expand our relationship with Walmart and to welcome Target as a new anchor tenant in our shopping centres."

-- The Canadian Press

Republished from the Winnipeg Free Press print edition September 26, 2011 B7

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