
First Capital Realty Inc., owner of the Leaside Village development at Laird Drive and Esander Drive, has raised $75 million through a sale of convertible debentures, it was announced today. As quoted in the Daily Commercial News newspaper, a press release says: “First Capital Realty will use the net proceeds from the offering for development and redevelopment activities, acquisitions and for general corporate purposes.” Work is proceeding quickly on Leaside Village, a commercial and retail development which will feature the restored Canadian Northern Railway locomotive repair shop (inset)). It may be recalled that the South Bayview Bulldog reported on First Capital’s $110 million purchase of the well known downtown shopping mall, Hazelton Lanes about a kilometre from the Ontario Legislature building. at Queen’s Park. Buyers of the debentures get 4.75 per cent interest per year (paid semi-annually at the end of March and September) and can also convert their debentures into stock at a conversion price of $23.75 per share, meaning an investor who bought $1,000 worth of debentures would get about 42.1053 common shares. The debentures are due March 17, 2017.