Primaris REIT to buy 5 properties for $572M
Primaris Retail Real Estate Investment Trust (PMZ.U-T) said it will buy five retail properties from privately held shopping centre manager Ivanhoe Cambridge for $572 million.
The company acquired three properties—Burlington Mall, Oakville Place and Tecumseh Mall—in Ontario, Place Vertu in Quebec and St. Albert Centre in Alberta.
Oakville Place and Burlington Mall will "add to our presence in Canada's largest consumer market, the Greater Toronto Area," Chief Executive John Morrison said in a statement.
The company expects the acquisition, which would increase the size of its portfolio by 20 percent, to add to funds from operations per unit.
Primaris, which will partly fund the buy through equity and debt, will issue 11 million receipts for $20.60 each on a bought deal basis and raise debt of $75 million.