Firm Capital Property Trust has announced that its Montreal industrial portfolio joint-venture has entered into a binding agreement to sell a 159,470-square-foot facility for approximately $27.9 million.

The trust’s share, after closing costs, is expected to be $13.8 million. The sale is set to close in the second quarter of 2025.

The trust has held a 50% stake in the property since 2018, originally acquiring it for $11 million at full ownership. The sale is expected to generate an $8-million gain for the trust. Proceeds will be used to repay debt and fund future acquisitions in grocery-anchored retail, multi-tenant industrial, and multi-residential rental sectors, said Firm.

The transaction will also reduce the trust’s exposure to large tenants, following the bankruptcy of the previous occupant, and increase the capital-gains portion of its 2025 distribution to approximately $0.18 per trust unit.

Photo: Firm Capital

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