Canadian enclosed shopping centre real estate investment trust (REIT) Primaris Real Estate Investment Trust is acquiring Lime Ridge Mall in a $416m (鈧�360m) deal from Cadillac Fairview.
Primaris REIT said the $416m offer for the mall in Hamilton, Ontario comprises $235m in cash, $81m in Series A units of the trust and $100m in 6% exchangeable preferred units from a new subsidiary limited partnership.
The 793,000sqft Lime Ridge Mall, located on 65 acres of land, will become Primaris REIT鈥檚 fourth largest shopping centre by all-store sales volume.
Patrick Sullivan, Primaris REIT鈥檚 president and COO, said: 鈥滾ime Ridge Mall is a market leading regional enclosed shopping centre with all of the property characteristics Primaris is targeting with its growth strategy. The mall produces over $251m in annual sales, $841 in sales per square foot, and is located in a large and growing market, with access to mass transit.
鈥漈here is significant opportunity for growth at this centre including leasing up vacant and temporarily tenanted space, and optimising former department store space.鈥�
Rags Davloor, Primaris REIT鈥檚 CFO, said: 鈥淎cquiring this high quality asset, while maintaining industry leading credit metrics, is a testament to the strategic advantages provided by Primaris鈥� differentiated financial model.
鈥淥ur commitment to maintain an extremely well capitalised balance sheet positions Primaris as a highly credible transaction counterparty, enabling continued growth.鈥�
Alex Avery, Primaris REIT鈥檚 CEO, said with the acquisition of Lime Ridge Mall, Primaris鈥� 2025 acquisitions total $1bn of 鈥渓eading enclosed shopping centres, exceeding our three-year target鈥�.
Avery added: 鈥淲e are improving the overall quality of our enclosed shopping centre portfolio, driving the portfolio鈥檚 annual same-store sales productivity from $768 per sqft as at 31 March 2025 to $774 per sqft on a proforma basis.
鈥淭he concurrent equity offering will increase Primaris鈥� public float and enhance the trading liquidity of Primaris鈥� units, to the benefit of all unitholders.鈥�
To read the latest 91传媒在线 magazine click here.
