Primaris REIT closes secondary offering

On June 20, 2025, Primaris Real Estate Investment Trust ("Primaris") announced the closing of the bought deal secondary offering of series A units of Primaris (the “REIT Units”) by an affiliate of Cadillac Fairview Corporation Limited (the “Selling Unitholder”). The offering was made in connection with Primaris’ acquisition of Lime Ridge Mall ("Lime Ridge Mall") in Hamilton, Ontario from the Selling Unitholder.

Pursuant to the offering, a syndicate of underwriters bookrun by RBC Capital Markets and TD Securities Inc., and co-led by Desjardins Capital Markets, purchased an aggregate of 8,457,944 REIT Units from the Selling Unitholder at a price of C$14.70 per REIT Unit for gross proceeds of approximately C$124.3 million.

All of the REIT Units issued under the offering were issued in connection with the acquisition, including those issued to the Selling Unitholder on the exchange of C$100.0 million of 6.00% exchangeable preferred units of a subsidiary limited partnership of Primaris that were issued to the Selling Unitholder as part of the aggregate acquisition consideration.

Further information can be found on Newswire Canada’s website.

Primaris is Canada's only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. Its current portfolio totals 15.0 million square feet, valued at approximately C$4.9 billion at Primaris' share.