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“Primaris REIT Secures Major Shopping Centre Acquisition in Atlantic Canada”
Primaris Real Estate Investment Trust (REIT) has made a significant move in the Canadian real estate market with the acquisition of the Halifax Shopping Centre and Annex in Halifax, Nova Scotia. The C$370m deal includes a combination of cash, units, and exchangeable preferred units, showcasing the REIT’s commitment to strategic acquisitions and growth.
The Appeal of the Shopping Complex
The Halifax Shopping Centre and Annex are prime examples of the type of properties that Primaris REIT aims to add to its portfolio. With a central location in Halifax and strong market positioning, the shopping complex boasts sales performance that exceeds $1,000 per square foot. This acquisition presents an income growth opportunity for the REIT and offers retailers a valuable proposition.
A Testament to Financial Strength
The successful acquisition of the Halifax properties reflects Primaris REIT’s solid financial standing. The REIT has maintained industry-leading credit metrics and demonstrated a differentiated financial model with low leverage and a well-capitalized balance sheet. This financial strength positions Primaris REIT as a credible counterparty in real estate transactions, even in challenging market conditions.
Driving Towards Growth and Expansion
This recent acquisition signals Primaris REIT’s ongoing commitment to growth and expansion in the Canadian real estate market. As the second largest owner-operator of enclosed shopping centres in Canada, the REIT is well-positioned to continue discussions for further acquisitions. With a clear mandate for growth and a focus on institutional scale, Primaris REIT remains an attractive buyer for Canadian pension fund vendors.
Conclusion
Primaris REIT’s acquisition of the Halifax Shopping Centre and Annex serves as a testament to the REIT’s strength in the Canadian real estate market. With smart financial strategies and a clear vision for growth, the REIT continues to establish itself as a significant player in the industry. As discussions for further acquisitions continue, it is clear that Primaris REIT is dedicated to shaping the future of Canadian real estate.”
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