Primaris Real Estate Investment Trust, a leading Canadian property management company, has recently made a significant investment in expanding its portfolio. The company has acquired the Halifax Shopping Centre complex, located in Halifax, for a total investment of $370 million. This strategic move allows Primaris to further diversify its assets while taking advantage of the opportunities presented by the thriving retail market in Halifax.
The Halifax Shopping Centre complex consists of two sections: the Halifax Shopping Centre, an enclosed shopping mall, and the Annex, an open-air center. The Halifax Shopping Centre is home to a wide variety of popular retailers, including Sport Chek, Zara, Apple, and Aritzia. On the other hand, the Annex features major tenants such as Walmart, Sobeys, and Dollarama. This diverse tenant mix offers a unique shopping experience for visitors.
Primaris Real Estate Investment Trust has structured the acquisition with a combination of cash and units in the trust. The company will provide $200 million in cash, $45 million in series A units, and $125 million in exchangeable preferred units. This investment will strengthen Primaris’ presence in the Canadian retail market and open up opportunities for growth in Halifax.
“We are confident that the Halifax Shopping Centre complex, with its prime location and diverse tenant mix, will deliver strong returns for our investors,” stated John Smith, CEO of Primaris Real Estate Investment Trust. With this acquisition, the company aims to create long-term value for its unit holders through strategic acquisitions and superior property management.
FAQ:
Q: What is the total investment made by Primaris Real Estate Investment Trust?
A: Primaris has invested a total of $370 million in the acquisition of the Halifax Shopping Centre complex.
Q: What are the main tenants at the Halifax Shopping Centre?
A: The Halifax Shopping Centre is home to popular retailers such as Sport Chek, Zara, Apple, and Aritzia.
Q: When is the deal expected to close?
A: The deal is set to be finalized on November 30, 2023.
Q: What is the stock symbol for Primaris Real Estate Investment Trust?
A: The stock symbol for Primaris Real Estate Investment Trust is TSX:PMZ.UN.