Developer buys Toronto malls

First Capital Realty Inc.,  has acquired two shopping centres in Toronto for a total of $77.9 million, the real estate developer said yesterday.

First Capital Realty Inc., has acquired two shopping centres in Toronto for a total of $77.9 million, the real estate developer said yesterday.

Together, the properties cover 319,700 square feet and both have redevelopment opportunities in growing communities.

“We continue to be focused on acquiring well-located properties in supply constrained markets that have redevelopment and rent growth opportunities,” president and CEO Dori Segal said in a release.

The first property is Parkway Mall, a 257,000-square-foot shopping centre on 7.32 hectares of retail space. It was purchased for $61.8 million in cash.

The company also purchased Kingston Square, a 62,700-square-foot shopping centre adjacent to its own Morningside Crossing centre, for $16.1 million in a combination of cash and $10 million of debt.