Choice Properties and KingSett to Buy First Capital REIT

In a significant move for the North American real estate market, KingSett Capital and Choice Properties have announced a definitive agreement to acquire First Capital REIT in a transaction valued at approximately C$9.4 billion ($6.85 billion). The cash-and-stock deal, which was confirmed on Thursday, is anticipated to close in the second half of 2026.

As part of the acquisition, Choice Properties will acquire roughly C$5 billion ($3.64 billion) of the retail assets currently owned by First Capital REIT. This segment of the portfolio is comprised of neighborhood shopping centers located across Canada. The arrangement allows Choice Properties to expand its footprint in the essential retail space.