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First Capital Realty raises C$165M from property disposals

Canada's First Capital Realty Inc. said it closed roughly C$165 million of property sales that it signed in February.

On March 27, the company sold 18 properties that are part of a portfolio it owns through its Main and Main Urban Realty joint venture for total gross proceeds of C$298 million. First Capital's share of the funds was roughly C$112 million for net proceeds of roughly C$99 million in cash.

On March 21, First Capital completed the sale of its 50.5% nonmanaging interest in its London, Ontario, portfolio for C$66 million. The 368,000-square-foot portfolio comprises six grocery and pharmacy-anchored properties.

First Capital Executive Vice President and COO Jordan Robins said the raised funds will be used to reduce debt and recycle capital into existing assets.