TORONTO, July 12,
2023 /CNW/ - Primaris Real Estate Investment Trust
("Primaris" or the "Trust") (TSX: PMZ.UN) announced today that the
transaction originally announced on June 19,
2023, for the purchase of Conestoga Mall in Waterloo, Ontario from Ivanhoé Cambridge, has closed. The transaction, which
was subject to customary closing conditions, all of which have been
fulfilled, was for aggregate consideration of $270.0 million, satisfied by a combination of
cash and equity, as described in the June
19 release. This high quality asset acquisition is
consistent with Primaris' previously expressed growth strategy, to
own and acquire market leading shopping malls.
About Primaris Real Estate
Investment Trust
Primaris is Canada's only
enclosed shopping centre focused REIT, with ownership interests
primarily in the leading enclosed shopping centres in growing
markets. The current portfolio totals 11.4 million square feet
valued at approximately $3.4 billion
at Primaris' share. Economies of scale are achieved through its
fully internal, vertically integrated, full-service national
management platform. Primaris is very well-capitalized and is
exceptionally well positioned to take advantage of market
opportunities at an extraordinary moment in the evolution of the
Canadian retail property landscape.
TSX:
PMZ.UN
www.primarisreit.com www.sedar.com
SOURCE Primaris Real Estate Investment Trust