Primaris REIT pays $270m for two mall assets
Primaris REIT has agreed to acquire Halifax Shopping Center and the Annex in Halifax, Nova Scotia, for C$370.0 million ($270 million).
“Halifax Shopping Centre and the Annex exemplify the quality and market-leading nature of Primaris REIT’s target acquisition profile. The shopping complex is extremely well located in central Halifax, adjacent to Halifax Transit’s Mumford Terminal and at the gateway to the Halifax peninsula, with a market leading position in one of Canada’s fastest growing midsized population centers,” said Patrick Sullivan, president and COO. “With very strong sales performance trending above $1,000 per square foot, this acquisition enhances the REIT’s portfolio value proposition with retailers and offers a significant income growth opportunity consistent with the growth we see ahead for our existing assets.”
Halifax Shopping Center totals 562,000 square feet, located on 20.9 acres of land. The Annex property is an open-air center locat