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.

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

This deal was featured in October 2010 issue of Lexpert, in the "Big Real Estate Deals" section.