Weston Firm, KingSett to Buy First Capital in $6.8 Billion Property Deal

The public real estate arm of Canada’s Weston family and Kingsett Capital Inc. agreed to take over First Capital REIT for C$9.4 billion ($6.8 billion) including debt.

First Capital shareholders will receive C$24.40 per share — C$19.24 in cash plus stock of the Westons’ Choice Properties REIT — according to a statement Thursday. When the deal closes, the business will be split, with Choice getting about C$5 billion worth of retail properties, and KingSett taking C$4.4 billion of assets.