• Home
  • International
  • KingSett Capital & Choice Properties to Acquire First Capital REIT in $6.85 Billion Deal
International

KingSett Capital & Choice Properties to Acquire First Capital REIT in $6.85 Billion Deal

  • by- Zaid
  • Apr 18, 2026
Real estate investment trust Choice Properties and private-equity firm KingSett Capital will acquire First Capital REIT in a cash-and-stock deal worth about C$9.4 billion ($6.85 billion) including debt.
KingSett Capital & Choice Properties to Acquire First Capital REIT in $6.85 Billion Deal

 April 18: First Capital's assets will be split between the two acquirers. Choice Properties will acquire grocery-anchored retail properties worth about C$5 billion, while KingSett Capital will take over the rest as a private investment worth about C$4.4 billion.

Market Reaction

  • First Capital shares: Up more than 8%

  • Choice Properties shares: Up 1%

Shareholder Consideration

Each First Capital shareholder will receive:

  • Cash: C$19.24 per share

  • Choice Properties stock: ~C$5.16 per share

  • Total value: ~C$24.40 per share

  • Premium: 11.7% to closing price on April 15

  • First Capital valuation: C$5.18 billion

Management Commentary

Choice CEO Rael Lee Diamond said: "The portfolio we are acquiring has greater exposure to major markets, higher population density within a five kilometer radius, greater exposure to necessity-based retail tenants and significantly less development in First Capital's overall portfolio."

Deal Timeline

The transaction is expected to close in the second half of 2026.