Primaris Retail REIT Completes $317.6 Million Acquisition of Two Shopping Centres
November 30 2012 - 02:16PM
Marketwired
Primaris Retail REIT (TSX:PMZ.UN) announces that today it completed
the previously announced acquisition (the "Acquisition") of two
shopping centres from The Cadillac Fairview Corporation Limited for
$317.6 million dollars (the "Purchase Price"). Primaris purchased
Regent Mall, Fredericton, New Brunswick and McAllister Place, Saint
John, New Brunswick.
The Properties Location Gross Leasable Area (SF)
Regent Mall Fredericton, New Brunswick 488,000
McAllister Place Saint John, New Brunswick 489,000
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977,000
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Financing Update
Primaris Retail REIT previously reported that it completed the
issuance to the public (including the full exercise of the
over-allotment option) of 4,904,750 Units with gross proceeds of
$115,016,387.
Primaris obtained a $114 million, 10 year mortgage financing
secured by Regent Mall that bears interest at 4.03%. In addition
Primaris obtained a $76 million seven year mortgage financing
secured by McAllister Place that bears interest at 3.68%. The net
proceeds from the offering and mortgage financings were used to pay
a portion of the purchase price for the Acquisition as well as the
REIT's expenses with respect to the Acquisition.
About Primaris
Primaris Retail REIT is a TSX listed real estate investment
trust that specializes in owning and operating Canadian enclosed
shopping centres that are dominant in their local trade areas. Each
property is flexible in order to meet the unique needs of its local
customers and the specifications of that community. Primaris boasts
a high occupancy rate (over 97 per cent) and is always
remerchandising its centres to bring new and exciting brands to its
properties. This combined with its focus on acquiring valuable
Canadian properties, makes Primaris a smart, sound investment.
Primaris owns 35 income-producing properties comprising
approximately 14.7 million square feet located in Canada. As of
October 29, 2012, Primaris had 95,059,363 units issued and
outstanding, including 2,122,261 Exchangeable Units.
Contacts: Primaris Retail REIT John R. Morrison President and
Chief Executive Officer (416) 642-7860 Primaris Retail REIT Louis
M. Forbes Executive Vice President & Chief Financial Officer
(416) 642-7810
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