Primaris Real Estate Investment Trust Announces Acquisition of Atlantic Canada’s Premiere Shopping Centre Complex
Primaris Real Estate Investment Trust announced that it has agreed to acquire Halifax Shopping Centre and the Annex in Halifax, Nova Scotia for aggregate consideration of $370.0 million, subject to certain conditions, to be satisfied by a combination of cash and equity. This high quality asset acquisition builds Primaris’ track record of successfully executing on its well defined growth strategy focused on market leading shopping centres. 69.0% in-place occupancy, and 96.2% committed occupancy including executed leases commencing over the next few months as part of the Sears redevelopment including Simons, Winners, Dollarama and PetSmart; $54.0 million Sears redevelopment substantially completed in 2023, and $70.0 million expansion, food court relocation and design upgrades throughout the centre completed in 2017; BOMA BEST Certified; Other large format tenants include Sport Chek and Zara; Unique commercial retail unit (CRU) tenants to the region include Apple, Aritzia, Michael Kors, Victoria’s Secret, Browns, and Nespresso, and other notable CRU tenants include Sephora and Lululemon; and No traditional department store.
The Annex Property Highlights: Open air centre located immediately adjacent to Halifax Shopping Centre; Halifax Transit Mumford Bus Terminal on site, one of the city’s busiest terminals; 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.