Firm Capital Property Trust grossed roughly C$7.1 million at the close of the first tranche of its nonbrokered private placement of its trust units.
The diversified Toronto-based real estate investment trust sold 1,140,040 trust units at C$6.25 per unit.
Firm Capital is selling a total of 2,400,000 trust units to raise a maximum of C$15.0 million. Net proceeds will be used for acquisitions, to repay debt under its credit facility and for working capital and general trust purposes.
The placement is expected to close in tranches, with completion scheduled on or prior to July 31.
