Primaris REIT has agreed to acquire Conestoga Mall in Waterloo, Ontario, from Ivanhoé Cambridge, for aggregate consideration of $270 million.
The mall totals 585,000 square feet, located on 49.8 acres of land. It is 94.4 percent occupied. Tenants include Apple, Lululemon and Nespresso, with other notable CRU tenants including Aritzia, Sephora, Aerie, Old Navy and RW & Co.
This high-quality asset acquisition is consistent with Primaris’s previously expressed growth strategy of owning and acquiring market-leading shopping malls.
“This landmark transaction is the culmination of months of collaboration with Ivanhoé Cambridge and further validates and demonstrates support for Primaris’s platform, strategy and value proposition,” said Alex Avery, CEO. “Since the inception of Primaris REIT, we have been very clear about the significant opportunity to acquire additional market-leading Canadian shopping centers. Primaris is uniquely positioned as a potent
