X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TORONTO-Primaris Retail REIT has agreed to acquire four shopping centers in Canada, for a total of C$95 million. The deal will enlarge the four-year-old company’s portfolio to 26 shopping centers comprising approximately 9.4 million sf, located in Canada.

“We want good locations, well-located centers our tenants want to be at,” Louis M. Forbes, Primaris senior vice president and chief financial officer, told GSR. “We have an established network of resources, and a good reputation. People want to work with us.”

The centers to be acquired are: the 310,000-sf enclosed Heritage Place in Owen Sound, Ontario; Garden City Square, with 160,000 sf in north central Winnipeg, Manitoba; Westbank Shopping Centre, with 74,000 sf in Westbank, British Columbia; and Northland Village Shoppes, with 7,000 square feet in Calgary, Alberta. Northland Village Shoppes is adjacent to Northland Village Shopping Centre, also owned by Primaris. In addition, the closing date for the previously announced C$186 million acquisition of Place D’Orleans, a 733,000-sf enclosed mall in Ottawa, Ontario, has been set for June 27.

Primaris was founded in July 2003 with six properties acquired from the Ontario Municipal Employees Retirement System. It acquires all retail formats, with the goal of owning Canadian mid-market retail centers or cities and dominant shopping malls in secondary cities. The company has no set goals for annual purchases, but typically spends about $200 million each year in acquisitions and C$25 million to C$75 million on redevelopments, Forbes said. That does not mean, however, that the expenditures thus far this year will preclude more deals later.

“We have the financial wherewithal,” Forbes said. “We’re looking to grow the business.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.