First Capital REIT Announces Further Reduction in Gazit's Ownership to 3.0%

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, March 4, 2020 /CNW/ - First Capital REIT ("First Capital" or "FCR") (TSX: FCR.UN), one of Canada's leading developers, owners and operators of mixed-use urban real estate in Canada's most densely populated neighbourhoods, announced today that Gazit-Globe Ltd. (together with its affiliates, "Gazit") has sold a portion of its interest in FCR, reducing its ownership from approximately 4.4% to 3.0%. FCR agreed to waive the previously announced one-year lock-up of Gazit's FCR shares to facilitate an orderly reduction of Gazit's interest in FCR. Gazit's retained interest continues to be subject to the lock-up, subject to the consent of FCR, for the remainder of the one-year term which expires on April 16, 2020.       

About First Capital REIT (TSX: FCR.UN)

First Capital is one of Canada's leading developers, owners and operators of mixed-use urban real estate in Canada's most densely populated neighbourhoods. First Capital's focus is on creating thriving neighbourhoods that create value for businesses, residents, communities and our investors.

SOURCE First Capital Real Estate Investment Trust

Kay Brekken, Executive Vice President & CFO, [phone], [email protected], www.fcr.ca, TSX: FCR.UN