Primaris Retail REIT

Primaris Retail REIT

December 05, 2006 16:07 ET

Primaris Retail REIT Announces $100.44 Million Public Offering of Trust Units

TORONTO, ONTARIO--(CCNMatthews - Dec. 5, 2006) -


Primaris Retail REIT (TSX:PMZ.UN) announced today that it has reached an agreement with a syndicate of underwriters led by RBC Capital Markets and CIBC World Markets, to issue to the public, subject to regulatory approval, 5,400,000 trust units (the "Units") for $18.60 per Unit for gross proceeds of approximately $100,440,000, plus an over-allotment option, exercisable at any time up to 30 days after Closing, to acquire additional Units equal to the lesser of 540,000 units and the Underwriters "Over-Allocation Position" as at the closing date.

The net proceeds from this offering will be used repay indebtedness incurred under the REIT's operating facility, to fund future property acquisitions, to fund the REIT's redevelopment plans on its existing properties and for general corporate purposes.

Primaris Retail REIT will, within the next few days, file with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada, a preliminary short form prospectus relating to the issuance of the Units. Closing of the offering is expected to take place on or about December 21, 2006.

The press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Units being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the Units may not be offered or sold to U.S. person except pursuant to applicable exemptions from registration.

Primaris Retail REIT owns 20 shopping centres comprising approximately 8.0 million square feet located in Canada. As of December 1, 2006, the REIT had 52,338,296 units issued and outstanding.

Contact Information

  • Primaris Retail REIT
    R. Michael Latimer
    Chief Executive Officer
    (416) 865-5353
    Primaris Retail REIT
    Louis M. Forbes
    Senior Vice President, and Chief Financial Officer
    (416) 865-5360