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Primaris Retail REIT buys five shopping centres

Kelowna's Orchard Park Shopping Centre, which is owned by Primaris Retail REIT

Primaris Retail Real Estate Investment Fund will spend $572-million to buy five regional shopping centres from Ivanhoe Cambridge.

Primaris said it would buy 100 per cent interests in Oakville Place, Burlington Mall and the Tecumseh Mall in Windsor,Ont. It is also purchasing full interests in Place Vertu in Montreal and the St. Albert Centre in Alberta.

The REIT said the deal will increase the value of its portfolio by 20 per cent, while boosting its presence in the Greater Toronto Area.

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"Oakville Place and Burlington Mall are institutional quality assets that will greatly complement our existing portfolio and add to our presence in Canada's largest consumer market," said chief executive officer John Morrison.

"Together they represent two-thirds of the total investment. Tecumseh Mall, St. Albert Centre and Place Vertu are also welcome additions to our portfolio as these complimentary assets are each located in markets familiar to us but where we do not yet operate."

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