KingSett Capital and Choice Properties REIT announced a $9.4 billion proposed acquisition of First Capital REIT, which is expected to be a landmark Canadian commercial real estate transaction.

First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres in neighbourhoods with the strongest demographics in Canada.

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

RBC Capital Markets is acting as financial advisor to First Capital. Stikeman Elliott LLP is acting as legal counsel to First Capital. National Bank Capital Markets is acting as financial advisor to the Special Committee.

Desjardins Capital Markets is acting as exclusive financial advisor and Bennett Jones LLP is acting as legal counsel to KingSett.

TD Securities Inc. is acting as exclusive financial advisor and Osler, Hoskin & Harcourt LLP is acting as legal counsel to Choice Properties and McCarthy Tétrault LLP is acting as competition counsel to Choice Properties.