TORONTO – Choice Properties REIT and KingSett Capital have signed a deal to buy First Capital REIT in a unit-and-cash agreement valued at about $9.4 billion, including the assumption of certain debt.
The proposal will see Choice Properties and KingSett divide First Capital’s assets between them.
The deal calls for Choice Properties to acquire $5 billion of First Capital’s neighbourhood shopping centres.
Meanwhile, KingSett, a private equity real estate firm, will take on about $4.4 billion of the trust’s assets including its high-street retail properties.
Under the plan, First Capital unitholders will receive $19.24 in cash and 0.3186 units of Choice Properties per First Capital unit.
The offer is valued at $24.40 per First Capital unit, based on the closing unit price of Choice Properties on Wednesday. First Capital units opened nearly nine per cent higher at $23.75 on the Toronto Stock Exchange on Thursday.
This report by The Canadian Press was first published April 16, 2026.
Companies in this story: (TSX:CHP.UN, TSX:FCR.UN)
