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FINWIRES

Firm Capital Property Trust Closes C$218 Million Manufactured Housing Acquisition

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Firm Capital Property Trust (FCD-UN.TO) after trade Tuesday said it completed the acquisition of a 50% interest in a portfolio of 10 manufactured housing communities in Alberta and Saskatchewan.

The portfolio includes 1,649 sites and was acquired at a total property value of C$218 million, excluding transaction costs and closing adjustments, the company added.

The acquisition was completed through the company's existing joint venture with SunPark Communities, with each partner owning a 50% interest. In addition to the properties, the transaction included 142 park-owned homes and 184 chattel mortgages, which provide additional cash flow, according to the statement.

The company said it plans to sell the park-owned homes and focus on generating income from site rents and the chattel mortgages. The portfolio also includes 79 vacant sites and potential for 92 expansion sites that could offer additional cash flow streams in the future.

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