India, April 16 -- First Capital Real Estate Investment Trust (FCR-UN.TO) on Thursday said it has agreed to be acquired by Choice Properties REIT and KingSett Capital, on behalf of KingSett Real Estate Growth LP No. 8 and other investors, in a unit-and-cash transaction valued at about C$9.4 billion, including debt.
Under the agreement, First Capital unitholders will receive C$19.24 in cash and 0.3186 units of Choice Properties per unit, implying total consideration of C$24.40 per unit. The offer represents a 17% premium to the company's 20-day volume-weighted average price and an 8% premium to its net asset value.
Upon completion, Choice Properties will acquire approximately C$5 billion of retail assets, while KingSett will acquire about ...