1. Primaris closed the acquisition of Promenades St-Bruno for $565 million. 2. Acquisition funds from a bought deal offering were used for payment. 3. This aligns with Primaris' growth strategy in Canadian shopping centres. 4. Primaris' portfolio now stands at 15.6 million square feet, valued at $5.4 billion. 5. Company positioned well for future retail market opportunities.
The acquisition enhances Primaris' assets and aligns with its growth strategy. Historical data shows acquisitions often lead to increased investor confidence and share price appreciation.
The acquisition significantly strengthens Primaris' market position, making it relevant for investors. Positive sentiment around acquisitions is strong in real estate investment trusts.
This acquisition will likely contribute to revenue and asset growth over time. Past performance of similar acquisitions supports sustained positive impact in long-term valuations.
Primaris Real Estate Investment Trust ("Primaris" or the "Trust") (TSX:PMZ) announces that on Friday October 10, 2025 it closed on the transaction, originally announced on October 6, 2025, for the purchase of a 100% interest in Promenades St-Bruno in Montreal, Quebec from Cadillac Fairview (the "Acquisition"). The Acquisition, which was subject to customary closing conditions, all of which have been fulfilled or waived, was for aggregate consideration of $565.0 million, comprised of cash and equity, as described in the October 6 press release.
Pursuant to the terms of the Acquisition, Primaris elected to satisfy the equity portion of the consideration by delivering to Cadillac Fairview the cash equivalent of the net proceeds, assuming the exercise of the over-allotment option, of the bought deal offering, which closed earlier today.
The acquisition of Promenades St-Bruno is consistent with Primaris' well defined growth strategy focused on market leading shopping centres in growing Canadian markets.
About Primaris Real Estate Investment Trust
Primaris is Canada's only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The portfolio totals 15.6 million square feet, valued at approximately $5.4 billion at Primaris' share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.
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Alex Avery
Chief Executive Officer
416-642-7837
aavery@primarisreit.com
Rags Davloor
Chief Financial Officer
416-645-3716
rdavloor@primarisreit.com
Claire Mahaney
VP, Investor Relations & ESG
647-949-3093
cmahaney@primarisreit.com
Timothy Pire
Chair of the Board
chair@primarisreit.com