In a significant real estate move, Primaris REIT, a Toronto-based real estate investment trust, recently announced the acquisition of the Halifax Shopping Centre and the Annex in the city’s west end. This strategic purchase, valued at $370 million, highlights the growing potential of Halifax as an attractive investment destination.
The decision to invest in the Halifax Shopping Centre was driven by the city’s remarkable population growth over the past five years. With the population expected to reach half a million this year, Halifax has become an appealing location for business ventures. Alex Avery, CEO of Primaris REIT, emphasized the shopping center’s leading position in the market, asserting that it perfectly complements their portfolio of shopping centers spread across the country.
As an established player in the real estate market, owning 36 shopping malls nationwide, Primaris REIT has a solid track record of successful investments. Originally a property portfolio for the Ontario Municipal Employees Retirement System (OMERS), one of Canada’s largest pension funds, Primaris transitioned into a publicly traded investment trust in 2022.
The acquisition of the Halifax Shopping Centre aligns with Primaris REIT’s plans for the property, which are similar to those envisioned by Cushman & Wakefield Asset Services Inc., the previous owner. These plans involve attracting renowned retailers such as Winners and Simons to the mall and filling vacancies that were left when Sears departed in 2018. Primaris REIT recognizes the numerous opportunities that lie ahead and believes that participating in the growth of Halifax is a promising venture.
Halifax, known for its fantastic lifestyle and natural beauty, continues to attract individuals seeking a high quality of life. The acquisition of the shopping center reflects Primaris REIT’s confidence in the city’s future prospects. The deal is expected to be finalized on November 30, marking a significant milestone for both Primaris REIT and the Halifax Shopping Centre.
1. What is Primaris REIT?
Primaris REIT is a real estate investment trust based in Toronto that owns and operates shopping malls 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?
The acquisition was driven by the remarkable population growth in Halifax over the past five years, making it an attractive investment opportunity. The Halifax Shopping Centre’s leading position in the market and potential for future growth made it a valuable addition to Primaris REIT’s portfolio.
3. What are Primaris REIT’s plans for the Halifax Shopping Centre?
Primaris REIT intends to follow similar plans to those previously envisioned by Cushman & Wakefield Asset Services Inc. These plans include attracting renowned retailers such as Winners and Simons to the mall and filling vacancies left by the departure of Sears in 2018. The goal is to further enhance the shopping experience and cater to the growing population of Halifax.
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