Byline: Your Name
Image: Cedarbrae Mall, a First Capital Property
First Capital REIT, a leading Canadian public real estate company based in Toronto, Ontario, is revolutionizing the retail real estate industry in Canada. With a focus on retail properties, First Capital REIT has become one of the largest retail landlords in the country.
A Rich History of Growth and Success
Founded in 1994 as Centrefund Realty, First Capital started with just five properties and quickly grew to 70 properties by the year 2000. In 2001, the company underwent a restructuring and was renamed First Capital Realty after being acquired by the Gazit Group.
Image: Shops at King Liberty, a First Capital Property in Liberty Village, Toronto
Over the years, First Capital Realty continued to expand its portfolio, reaching a milestone in 2019 when it rebranded as First Capital REIT and transitioned into a Real Estate Investment Trust. Today, the company owns properties in over 150 Canadian neighborhoods, comprising more than 200 properties and over 22.9 million square feet of gross leasable area.
Leading the Way in Retail Real Estate
First Capital REIT primarily focuses on owning shopping centers in large urban areas across Canada. With its extensive portfolio, it has established itself as a key player in the industry. The company's top tenants include major grocery stores, medical and personal services, restaurants, pharmacies, and banks.
In recent years, First Capital has been embracing mixed-use developments, blending retail with other components to create vibrant and dynamic spaces that meet the evolving needs and preferences of consumers.
Image: Centre Wilderton, a First Capital Property & Development in Montreal, Quebec
The company's strategic approach to property selection, combined with its commitment to maintaining a high standard of design and sustainability, has enabled First Capital REIT to thrive in an ever-changing retail landscape. The average population density within a 5-kilometer radius of their properties has increased by 48% since 2016, reflecting the growing demand for their well-located shopping centers.
Sustainability at the Core
First Capital REIT has been at the forefront of sustainability initiatives within the real estate sector. Since 2006, the company has been committed to developing all properties according to Leadership in Energy and Environmental Design (LEED) standards. In 2020, First Capital released its 2020-2024 Environmental, Social, and Governance (ESG) Roadmap and Sustainability Policy, outlining its ongoing efforts to achieve sustainable practices.
The company's commitment to sustainability has been recognized through various accolades, including a 'AAA' rating in the Morgan Stanley Capital International (MSCI) ESG Ratings assessment for three consecutive years. It has also received a 4-star ranking from the Global Real Estate Sustainability Benchmark (GRESB) and Silver 2020 Green Lease Leader Recognition from the Institute for Market Transformation (IMT) and the U.S. Department of Energy's Better Building Alliance.
Diverse Portfolio of Properties
First Capital REIT's portfolio includes a wide range of properties across Canada. Notable properties owned by the company include Cedarbrae Mall in Scarborough, Yorkville Village (formerly Hazelton Lanes) in Toronto, and the Edmonton Brewery District in Edmonton, Alberta.
Image: Edmonton Brewery District, a First Capital Property in Edmonton, Alberta.
Additionally, First Capital REIT owns properties in Quebec, including Centre Domaine and Galeries Normandie in Montreal. In Alberta, properties such as Mount Royal Village in Calgary and Meadowlark Health & Shopping Centre in Edmonton are part of their diverse portfolio. In British Columbia, they own Semiahmoo Shopping Centre in Surrey, among others.
Conclusion
First Capital REIT has established itself as a leader in the Canadian retail real estate industry. With a rich history of growth, a commitment to sustainability, and a diverse portfolio of properties, the company continues to shape the future of retail real estate in Canada. By embracing innovation and evolving consumer needs, First Capital REIT is well-positioned to thrive in an ever-changing market.
