TORONTO, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Firm Capital Property Trust (“FCPT” or the “Trust”) (TSXV: FCD.UN) is pleased to announce the completion of the previously announced acquisition of three industrial properties located in Woodstock, Ontario and Stratford, Ontario (the “Portfolio”). The acquisition price for the Portfolio was $15.0 million ($78 per square foot), excluding transaction costs.
The Portfolio is comprised of three industrial properties totaling 191,874 square feet. The Portfolio is leased to Steelcraft Inc. with a lease term of approximately 10 years. The Portfolio is 100% occupied and is being acquired from an entity related to the tenant, which will continue to lease the Portfolio. The acquisition of the Portfolio is immediately accretive to AFFO.
Pro Forma the acquisition of this Portfolio, the industrial portfolio will represent 30% of the Trust’s asset value (based on IFRS values).
The Portfolio was financed through existing cash resources, including the Trust’s credit facility.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSXV: FCD.UN)
Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, The Trust’s plan is to co-own a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail, and core service provider professional space. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.
ABOUT STEELCRAFT INC
Steelcraft is so much more than a metal fabricator – they are a partner to some of the world’s most respected OEMs. With roots dating back to 1923, Steelcraft has steadily grown and broadened its business by drawing upon their rich history of know-how, as well as their modern-day design, engineering, and manufacturing talent. They deliver innovative fabricated solutions for a broad range of global customers in the agriculture, chemical, commercial, construction, defence, energy, industrial, mining, and water treatment industries.
For the complete financial statements, Management’s Discussion & Analysis and supplementary information, please visit www.sedar.com or the Trust’s website at www.firmcapital.com
FORWARD LOOKING INFORMATION
This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at www.firmcapital.com or www.sedar.com.
For further information, please contact:
Robert McKee
President & Chief Executive Officer
(416) 635-0221
Sandy Poklar
Chief Financial Officer
(416) 635-0221
www.FirmCapital.com
FCD.UN on the TSXV
