Firm Capital Property Trust Announces the Acquisition of Two Multi-Residential Properties Comprised of 260 Units for $43.2 Million

TORONTO, April 12, 2021 (GLOBE NEWSWIRE) -- Firm Capital Property Trust ("FCPT" or the "Trust") (TSXV: FCD.UN) is pleased to announce two independent acquisitions comprised of 132 units in three multi-residential buildings located in Lower Sackville, Nova Scotia (the “Lower Sackville Property”) and 128 units in two multi-residential buildings located in Edmonton, Alberta (the “Edmonton Property”) (collectively the “Properties”). The acquisition price for both Properties is approximately $43.2 million (excluding transaction costs):

LOWER SACKVILLE PROPERTY
The Lower Sackville Property is being acquired for approximately $18.2 million (excluding transaction costs). The Lower Sackville Property is located in proximity to downtown Halifax and is conveniently located to schools, public transportation, shopping, restaurants, and entertainment. Built in 1992/1993, the Lower Sackville Property is in close proximity to the Trust’s existing multi-residential properties located in Dartmouth, Nova Scotia. The Lower Sackville Property has enjoyed strong 98% occupancy rates or higher since 2018. The Lower Sackville Property is being purchased for approximately $137,879 per unit or $114 per square foot.

The Lower Sackville Property is being financed with a new $13.7 million mortgage with a Canadian Chartered Bank for an interest rate of approximately 2.5%, term of five years and a 30 year amortization.

EDMONTON PROPERTY
Built in 2012 and institutionally owned, the Edmonton Property is being acquired for approximately $25.0 million (excluding transaction costs). The Edmonton Property is in a Class A asset located within the South Edmonton neighbourhood known as Summerside in Millwoods submarket. Summerside is a highly sought-after neighbourhood which features several schools, medical clinics, religious centres, gyms, daycares and a variety of popular amenities. The Edmonton Property has a strong 98% occupancy rate and is being purchased for approximately $195,000 per unit or $180 per square foot.

The Edmonton Property is being financed with a new $17.0 million mortgage with a Canadian Chartered Bank for an interest rate of approximately 2.5%, term of five years and a 30 year amortization.

The Trust will be acquiring both Properties such that the Trust will own 70% of both Properties and private clients affiliated with certain members of senior management and the board of trustees of the Trust owning the remaining 30% in a side-by-side alignment of interest structure. The Trust's portion of the acquisition price for both Properties is approximately $30.2 million (excluding transaction costs).