Late last week, KingSett Capital and Choice Properties REIT and First Capital REIT announced that they have entered into an agreement in which KingSett and Choice Properties will acquire First Capital in a unit and cash transaction valued at approximately $9.4 billion(Cdn), including the assumption of certain debt. Upon close of the transaction, Choice Properties will acquire approximately $5-billion of high-quality retail assets from First Capital and KingSett will acquire approximately $4.4-billion of First Capital assets and all of First Capital’s issued and outstanding units. First Capital expects to hold the meeting to vote on the transaction in June 2026 and the transaction is expected to close in the second half of 2026. First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres across Canada. KingSett Capital is a leading Canadian private equity real estate investment firm with over $19 billion of assets under management. Founded in 2002, KingSett creates value through a broad portfolio of custom real estate investments, financing solutions and asset classes backed by strong core values, an entrepreneurial approach and a Canada-first platform. Choice Properties is a leading Canadian real estate investment trust that builds value as a national owner, operator, and developer of high-quality commercial and residential real estate.
KingSett Capital, Scotia Plaza, 40 King St. West, Suite 3700, Toronto, Ontario M5H 3Y2 (www.kingsettcapital.com)
Choice Properties REIT, The Weston Centre, 700-22 St Clair Ave East, Toronto, Ontario M4T 2S5 (416/628-7771 www.choicereit.ca)
First Capital REIT, 85 Hanna Ave, Suite 400, Toronto, Ontario M6K 3S3 (416/504-4114 www.fcr.ca)