Primaris to acquire Les Galeries de la Capitale for $325m.

Primaris, an enclosed shopping centre focused REIT, agreed to acquire Les Galeries de la Capitale, a regional enclosed shopping centre, for $325m. “This acquisition builds on Primaris’ profile as an attractive buyer of large, high-quality assets. Five of Canada’s ten largest pension funds have now vended market leading shopping centres to Primaris, taking back equity and convertible preferred equity investments in the REIT. Consistent with prior acquisitions, this property enhances the REIT’s value proposition with retailers, and offers a significant income growth opportunity consistent with the growth we see ahead for our existing assets,” Alex Avery, Primaris CEO.