Primaris Real Estate Investment Trust (REIT) has acquired Upper Canada Mall in Newmarket, Ontario for C$411m (€255m).
The TSX-listed Canadian shopping centre focused trust said the acquired 990,114sqft mall is located on 76 acres of land in the Greater Toronto Area.
Patrick Sullivan, president and COO of Primaris REIT, said: “Upper Canada Mall is a dominant GTA shopping centre with strong demographics, an exceptional tenant mix and significant embedded growth potential.
“We see meaningful opportunities to grow [net operating income] through leasing, active asset management and operational efficiencies. Our platform and operating expertise position us well to unlock that potential over the coming years.”
Julian Schonfeldt, CIO of Primaris REIT, said: “Interest in enclosed shopping centres is growing, and Upper Canada Mall was the subject of a broadly marketed process.
“Our reputation as a well-capitalised, reliable buyer with a proven operating platform continues to position Primaris as a preferred counterparty for vendors. This acquisition reflects our disciplined approach – a productive, high-quality centre in the GTA, that is modestly accretive, with additional upside from lease-up and excess land.”
Alex Avery, CEO of Primaris REIT, said: “Upper Canada Mall is exactly the type of asset Primaris is built to own. The acquisition adds a high quality GTA shopping centre to our portfolio and further strengthens the quality, scale and growth profile of Primaris.
“Driving our proforma same store sales productivity to $829, this acquisition is another important step in building Canada’s leading portfolio of market dominant enclosed shopping centres.”
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