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First Capital Realty closes Thickson Place joint venture

First CapitalRealty Inc. sold a 40% stake in Thickson Place, a 104,808-square-foot retailcenter in Whitby, Ontario, to FirmCapital Property Trust.

First Capital retains a 50% stake in the property. Theremaining 10% stake in the joint venture is held by a syndicate group. Intotal, the building is valued at C$39.5 million, excluding transaction costs.

Firm Capital also purchased a 40% interest in nearby WhitbyMall from First Capital in June. The acquisition of Thickson Place was fundedwith Firm Capital's cash on hand and debt arranged on Whitby Mall.

Both Thickson Place and Whitby Mall will be managed by FirstCapital.