Primaris Retail REIT

Primaris Retail REIT

December 18, 2009 08:00 ET

PRIMARIS RETAIL REIT Completes Acquisition of Sunridge Mall and a 50% Interest in Woodgrove Centre

TORONTO, ONTARIO--(Marketwire - Dec. 18, 2009) - Primaris Retail REIT (TSX:PMZ.UN) announces that today it completed the acquisition of two retail properties from Ivanhoe Cambridge for $357.7 million dollars. Primaris purchased a 100% interest in Sunridge Mall, and a 50% non-managed interest in Woodgrove Centre. Ivanhoe Cambridge will continue to manage Woodgrove Centre.

John Morrison, President and CEO of Primaris said "These assets will be accretive to the Primaris portfolio of properties." Mr. Morrison also noted that this acquisition is Canada's largest real estate transaction to date in 2009. The transaction was previously announced on November 24, 2009.

Subsequent to the earlier press release, Primaris has set the interest rate for the mortgage placed on Sunridge Mall at 5.89%. This $153 million dollar mortgage will be for a seven year term maturing in February 2017. The interest rate was set at 300 basis points over a benchmark bond yield.

Forward-Looking Information

The press release contains forward-looking information based on management's best estimates and the current operating environment. These forward-looking statements are related to, but not limited to, the REIT's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", or similar words suggesting future outcomes. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.

Although the forward-looking statements contained in this press release are based on what management of the REIT believes are reasonable assumptions, forward-looking statements involve significant risks and uncertainties. They should not be read as guarantees of future performance or results and will not necessarily be an accurate indicator of whether or not such results will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results to differ from targets, expectations or estimates expressed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, economic, competitive and commercial real estate conditions, unplanned compliance-related expenses, uninsured property losses and tenant-related risks.

Primaris Retail REIT owns 28 income-producing properties comprising approximately 10.5 million square feet located in Canada. As of November 30, 2009, the REIT had 62,521,344 units issued and outstanding.

Contact Information

  • Primaris Retail REIT
    John Morrison
    President and Chief Executive Officer
    (416) 642-7860
    Primaris Retail REIT
    Louis M. Forbes
    Executive Vice President and Chief Financial Officer
    (416) 642-7810