In an exciting development for the real estate investment industry, Primaris REIT has recently acquired the Halifax Shopping Centre and the Annex in Halifax’s west end for a staggering $370 million. As a Toronto-based investment trust, Primaris REIT has recognized the potential value of this prime location due to the city’s remarkable population growth over the past five years.
With Halifax experiencing a record increase in its population, it comes as no surprise that Primaris REIT sees this acquisition as a lucrative investment opportunity. The Halifax Shopping Centre, being the leading shopping destination in the area, perfectly complements Primaris REIT’s existing portfolio of shopping centers scattered across the country.
As stated by Alex Avery, the CEO of Primaris REIT, the company’s plans for the Halifax Shopping Centre align closely with the vision of the previous owner, Cushman & Wakefield Asset Services Inc. These plans involve bringing in popular retailers such as Winners and Simons, along with other exciting brands to fill the vacancy left by Sears in 2018. By capitalizing on the thriving lifestyle and continuous influx of residents to Halifax, Primaris REIT aims to participate in the promising future that lies ahead for the city.
This acquisition not only expands Primaris REIT’s presence in Canada’s real estate market but also highlights the company’s continued growth and success. With a current portfolio encompassing 36 shopping malls across British Columbia, Alberta, Manitoba, Ontario, Quebec, and New Brunswick, Primaris REIT establishes itself as a major player in the industry.
As the deal is set to close on November 30th, this acquisition reflects the confidence and optimism that Primaris REIT holds for the future of both Halifax’s retail scene and the broader real estate investment market in Canada.
1. What is Primaris REIT?
Primaris REIT is a Toronto-based real estate investment trust that specializes in acquiring and managing shopping centers across Canada. It started as a property portfolio for the Ontario Municipal Employees Retirement System (OMERS) and became a publicly traded investment trust in 2022.
2. Why did Primaris REIT acquire the Halifax Shopping Centre?
Primaris REIT recognized the potential value of the Halifax Shopping Centre due to the city’s significant population growth over the past five years. The shopping center’s status as the leading retail destination in the area made it an attractive investment for Primaris REIT, aligning with their strategy of expanding their portfolio of shopping centers nationwide.
3. What are Primaris REIT’s plans for the Halifax Shopping Centre?
The company’s plans for the Halifax Shopping Centre are similar to those of the previous owner, Cushman & Wakefield Asset Services Inc. These plans include bringing in popular retailers like Winners and Simons, as well as other exciting brands to fill the vacancy left by Sears in 2018. The aim is to capitalize on the thriving lifestyle and continuous population growth in Halifax.
4. How many shopping malls does Primaris REIT currently own?
Primaris REIT currently owns 36 shopping malls across Canada. These malls are located in British Columbia, Alberta, Manitoba, Ontario, Quebec, and New Brunswick, further establishing Primaris REIT as a major player in the real estate investment market.
5. When will the deal for acquiring the Halifax Shopping Centre close?
The acquisition deal for the Halifax Shopping Centre is expected to close on November 30th.