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TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust (“FCPT” or the “Trust”) (TSX : FCD.UN) is pleased to announce that it has closed the previously announced sale within its Montreal Industrial Portfolio Joint Venture (“Montreal Industrial JV”) of a 100% interest in a single tenant, 159,470 square foot industrial facility for gross proceeds of approximately $27.9 million ($27.5 million net of closing costs). The Trust’s portion of the gross proceeds after closing costs are approximately $13.8 million.
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The property was owned by the Trust in the 50/50 Montreal Industrial JV since 2018 and was originally purchased for $11.0 million (at 100% ownership). The property was carried on the Trust’s balance sheet at an IFRS value of approximately $12.5 million for its 50% interest. The sale reduces the Trust’s exposure to large tenants and allows the Trust to reinvest capital into smaller bay multi-tenant industrial units.
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The Trust will be using its portion of the net to repay debt on the revolving credit facility then, to fund future acquisitions in the following sectors: (i) grocery-anchored retail, (ii) multi-tenant industrial, and (iii) multi-residential rentals, that are less exposed to the impact of US tariffs as a result of the diversity of tenants.
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Based on the original purchase price, the Montreal Industrial JV will have generated a gain on sale of approximately $16.0 million ($8.0 million for the Trust at its 50% ownership). As such, the Trust expects the sale to increase the capital gains portion of its 2025 distribution by approximately $0.18 per Trust Unit compared to a total of $0.08 per Trust Unit in 2024.
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Further information about the Trust can be found by selecting the Firm Capital Property Trust link at www.firmcapital.com.
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ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : 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 own as well as to co-own a diversified property portfolio of multi-residential, flex industrial, and net lease convenience retail. 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.
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