(TORONTO) Real estate investment trust First Capital announced Tuesday that it has signed agreements to sell four properties, including the Hazelton Hotel in Toronto, for a combined total of $184 million.
First Capital said it was selling the Hazelton Hotel and a 50% stake in the hotel restaurant, One Restaurant, to Hennick
Other properties sold include a residential condominium development site in Toronto, a residential development site at Montreal’s Wilderton Mall and Carré Queen Mary, a small apartment building with retail space in Montreal.
First Capital chief executive Adam Paul said the success of the trust’s portfolio optimization plan unveiled last September remains a top priority.
The trust expects all four transactions to close in the second and third quarters of 2023, subject to closing conditions.
She said that once the deals are done, she would have gotten around $360 million of the more than $1 billion in assets slated for disposal by the end of 2024.
Company in this story: (TSX: FCR.UN)
