First Capital Realty Acquires Semiahmoo Shopping Centre

On June 30, 2010, First Capital Realty Inc. acquired from 667469 B.C. Ltd. (an affiliate of Bosa Development Corporation) Semiahmoo Shopping Centre, a 293,000 square foot shopping centre situated on 19.6 acres in Surrey, British Columbia, on the border between the communities of White Rock and Surrey. The tenants include PriceSmart Foods (Save-on-Foods), Zellers, Shoppers Drug Mart and BC Liquor Store (both under construction), Royal Bank, CIBC, Coast Capital Savings and Tim Hortons. The purchase price of $82.7 million was satisfied by a combination of cash and the assumption of $27.5 million of fixed-rate debt.

Russsell Benson and Greg Fabbro of McCarthy Tétrault LLP represented 667469 B.C. Ltd.

Rolf Kaplun and Michael Mjanes of Davis LLP represented First Capital Realty Inc.