Primaris REIT has agreed to acquire a 50 percent interest in Southgate Centre in Edmonton, Alberta, and 100 percent ownership interest in Oshawa Centre in Oshawa, Ontario, for aggregate consideration of C$585 million ($406 million).
Primaris also has agreed to sell Sherwood Park Mall in Sherwood Park, Alberta, for C$107 million ($74 million), and that it has closed on its sale of Edinburgh Market Place in Guelph, Ontario for C$31.5 million ($22 million).
“Southgate and Oshawa Centre are two market leading regional enclosed shopping centers with all of the property characteristics Primaris is targeting with its growth strategy. Both are located in large and growing markets, with access to mass transit, and with very strong sales volumes,” said Patrick Sullivan, president and chief operating officer. “There is significant opportunity for growth at both centers, including the conversion of tenants from variable to net rent deals, leasing up vacant space and temporar
