TORONTO, June 22, 2026 (GLOBE NEWSWIRE) -- Firm Capital Property Trust ("FCPT" or the "Trust") (TSX: FCD.UN) is pleased to announce that it has cleared the Competition Bureau of Canada inquiry into its previously announced acquisition on April 8, 2026 of a 10-property, 1,649-site manufactured housing community portfolio ("MHC") located in Alberta and Saskatchewan (along with certain park-owned homes and chattel mortgages) (collectively, the "Portfolio") for a purchase price of $218 million, excluding transaction costs. The Trust is purchasing the Portfolio through its existing joint venture arrangement with SunPark Communities, LP ("SunPark"), such that the Trust will own 50% of the Portfolio and SunPark will own the remaining 50%.
Closing of the acquisition of the Portfolio is now anticipated during the third quarter of 2026.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSX: FCD.UN)
Firm Capital Property Trust is focused on creating long-term value for Unitholders through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, the Trust's plan is to own, as well as co-own, a diversified property portfolio of multi-residential, flex industrial and net lease convenience retail properties. In addition to stand-alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust, sources, syndicates and property and asset manages investments on behalf of the Trust. For the complete financial statements, Management's Discussion & Analysis and supplementary information, please visit www.sedarplus.ca or the Trust's website at www.firmcapital.com
ABOUT SUNPARK COMMUNITIES, LP ("SUNPARK")
SunPark Communities, LP is the manufactured home community land lease division of the Firm Capital Organization. SunPark is focused on the ownership of a growing portfolio of manufactured home communities ("MHCs") located across Canada. Subsequent to the acquisition of the Portfolio, SunPark will own a portfolio of 2,572 MHC sites located in Ontario, Alberta and Saskatchewan. For more information, please visit www.sunparkcommunities.com.
FORWARD-LOOKING INFORMATION
This press release contains forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the anticipated timing for closing of the acquisition of the Portfolio, the completion of the acquisition, the acquisition of the related park-owned homes and chattel mortgages, the financing package described in the Trust's April 8, 2026 press release, the expected size and composition of SunPark's portfolio following closing, and the Trust's investment strategy, growth plans and objectives. Forward-looking information can often be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" and similar expressions. Forward-looking information is based on certain expectations and assumptions made by the Trust, including, among other things, that all conditions to closing of the acquisition and the related financing will be satisfied or waived, that the acquisition and financing will be completed on the terms and within the timeframe currently expected, that required approvals and consents will be obtained or maintained, that there will be no material adverse change affecting the Portfolio, the Trust or market conditions, and that the Trust and SunPark will be able to execute their business and investment plans. Although the Trust believes that the expectations and assumptions reflected in such forward-looking information are reasonable, undue reliance should not be placed on such information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These risks include, without limitation, the risk that the acquisition or related financing may not be completed when anticipated or at all, that closing conditions may not be satisfied or waived, that required approvals or consents may not be obtained or maintained, that transaction costs may be higher than expected, that market, financing, economic or real estate conditions may change, and the other risks described in the Trust's public disclosure documents available under the Trust's profile on SEDAR+. The Trust does not undertake any obligation to update or revise forward-looking information except as required by applicable law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province or other jurisdiction. The Units of Firm Capital Property Trust have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an applicable exemption from the registration requirements of U.S. securities laws.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at www.firmcapital.com or www.sedar.com.
For further information, please contact:
| Robert McKee President & Chief Executive Officer (416) 635-0221 | Sandy Poklar Chief Financial Officer (416) 635-0221 |
Michael Phillips President, SunPark Communities, LP (416) 635-0221 |
www.FirmCapital.com
FCD.UN on the TSX
