First Capital Realty (TSX:FCR) has completed the acquisition of the retail properties at the Village on False Creek for $46.1 million, including closing costs, the developer announced December 3.
First Capital had first submitted its unsolicited "stalking horse" offer – one that sets a minimum price for a distressed asset – to purchase the properties on September 16, and a BC Supreme Court judge gave the proposal a green light in October.
"The Village on False Creek is already a vibrant community, with a second-to-none location on the Vancouver waterfront that we've had our eye on for almost two years," said Mike Lowe, managing director for British Columbia, First Capital Realty.
"We look at the success of retailers like Legacy Liquor, London Drugs, Urban Fare and Terra Breads as just the beginning for The Shops at the Village."
The site, which originally served as the athlete village in the Vancouver 2010 Olympic Winter Games, has around 64,000 square feet of commercial space.
This is First Capital's first property in the City of Vancouver.
