Canadian enclosed shopping centre owner Primaris Real Estate Investment Trust is acquiring the Promenades St-Bruno mall in Quebec from Cadillac Fairview for C$565m (€347.4m).
TSX-listed Primaris said it has agreed to acquire the Montreal mall for a total consideration that includes $320m in cash and $160m in Series A trust units, issued price of C$21.40 per unit, and C$85m in 6% exchangeable preferred units.
Patrick Sullivan, president and COO of Primaris Real Estate Investment Trust, said Promenades St-Bruno possesses “all the characteristics” Primaris seeks, including annual sales exceeding C$271m, sales per square foot of C$917 and a key location on 154 acres near mass transit in Canada’s second-largest market, Montreal.
Sullivan added: “There is significant NOI [net operating income] growth potential including leasing up vacant and temporarily tenanted space, and optimising former department store space.”
Rags Davloor, Primaris Real Estate Investment Trust CFO, said: “High quality acquisitions combined with industry-leading credit metrics demonstrate the strategic advantages of Primaris’ differentiated financial model. Our commitment to our extremely well capitalised balance sheet is key to Primaris’ profile as a highly credible transaction counterparty.”
Alex Avery, Primaris Real Estate Investment Trust CEO, said: “Primaris’ high quality acquisitions exceed C$1.5bn in 2025 and C$3.3bn since 2021. All of these acquisitions offer strong NOI growth potential and significant excess land.
“We have materially expanded, and enhanced the overall quality of our enclosed shopping centre portfolio since 2021, driving the portfolio’s proforma annual same store sales productivity to C$791 per square foot. The concurrent equity offering increases Primaris’ public float and enhances the trading liquidity of Primaris’ units, to the benefit of all unitholders.”
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