- Firm Capital Property Trust (FCD.UN) has acquired a 50-per-cent interest in two manufactured home communities for $5.7 million
- Firm Capital acquired a 50-per-cent interest in a 56 site manufactured housing community (MHC) called SunPark Parkhill Estates for $3.1 million
- It also acquired a 50-per-cent interest in a 58 site manufactured housing community called SunPark Skyview Estates for $2.6 million
- Firm Capital Property Trust is a Canada-based open-ended real estate investment trust
- Firm Capital Property Trust opened trading at $6.06
Firm Capital Property Trust (FCD.UN) has acquired a 50-per-cent interest in two manufactured home communities for $5.7 million.
Firm Capital acquired a 50-per-cent interest in a 56 site manufactured housing community (MHC) called SunPark Parkhill Estates for $3.1 million. It also acquired a 50-per-cent interest in a 58 site manufactured housing community called SunPark Skyview Estates for $2.6 million.
The acquisition price for 100 per cent of the properties is approximately $5.7 million, excluding transaction costs. Firm Capital’s portion of the acquisition price is approximately $2.85 million.
Parkhill is located in Peterborough, Ontario, sits on 15.9 acres of land and is currently 100-per-cent occupied. Parkhill was acquired at a 6.8 per cent capitalization rate.
Skyview is in Trenton, Ontario, sits on 5.3 acres of land and is currently 100-per-cent occupied. Skyview was acquired at a 6.2 per cent capitalization rate.
The properties will initially be funded through existing cash resources of the Trust. Seven-year debt financing for approximately 65 per cent of the purchase price is expected to be closed during the first quarter of 2023.
Based on the current interest rate environment, the all-in rate would be approximately 4.75 per cent.
Firm Capital Property Trust is focused on creating long-term value for unitholders, through capital preservation and disciplined investing to achieve stable distributable income.
Firm Capital Property Trust is a Canada-based open-ended real estate investment trust, which operates in five reportable segments: grocery anchored retail, non-grocery anchored retail, industrial, multi-residential, and core service office provider.
Firm Capital Property Trust opened trading at $6.06.