Primaris Real Estate Investment Trust (REIT), listed on the Toronto Stock Exchange under the ticker PMZ.UN, has confirmed its plans to acquire Upper Canada Mall located in Newmarket, Ontario, for a total consideration of $411 million. This transaction will be executed entirely in cash and reflects Primaris' ongoing strategy to acquire market-leading enclosed shopping centres in areas that demonstrate significant growth potential.
Upper Canada Mall, a prominent retail destination, is expected to contribute positively to Primaris' portfolio by leveraging its established customer base and operational capabilities. The REIT aims to utilize its full-service operating platform to drive further income growth post-acquisition.
This acquisition is a continuation of Primaris' strategy to expand its footprint in the Greater Toronto Area (GTA), which is known for its economic growth and increased consumer spending. By acquiring high-quality assets like Upper Canada Mall, Primaris positions itself to capitalize on market opportunities and enhance shareholder value.
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