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Primaris REIT Buys $585M Canadian Malls

Primaris Retail REIT will acquire five Canadian shopping centers from Ivanhoe Cambridge for $585.3 million.

Primaris Retail REIT will acquire five Canadian shopping centers from Ivanhoe Cambridge for $585.3 million. The Canadian REIT will buy interest in Oakville Place, Burlington Mall, Tecumseh Mall, St Albert Centre and Place Vertu.

The transaction is expected to be completed on June 22, 2011. Primaris, which will partly fund the buy through equity and debt, will issue 11 million receipts each on a bought deal basis and raise debt of $76.7 million, adds Reuters.

Click here for the release from Primaris.

Click here for additional coverage from Reuters.

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