First West Capital Advances Deal

First West Capital Corp. will acquire two-thirds of a small, public Canadian company in return for First West’s rights to buy half a partnership with an interest in a big real estate portfolio.

First West had earlier agreed to buy from Drexel Burnham Lambert the bankrupt Wall Street firm’s half-interest in the partnership. That partnership owns a piece of 500 U.S. properties leased to the Postal Service and to other state and federal agencies. First West will use the Canadian company, Vancouver’s Bavarian Lion Industries Ltd., to help raise the $25-million price of the Drexel Burnham portfolio by borrowing and issuing stock or through a joint venture.

Bavarian, which trades at 35 cents a share on the Vancouver Stock Exchange, will change its name to First West Canada Capital Corp. and will focus on real estate.