Primaris Retail REIT
TSX : PMZ.UN

Primaris Retail REIT

July 21, 2005 16:28 ET

Primaris Retail REIT Announces Exercise Of Option

TORONTO, ONTARIO--(CCNMatthews - July 21, 2005) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Primaris Retail REIT (TSX:PMZ.UN) announced today that the syndicate of underwriters led by RBC Capital Markets who agreed to purchase from the REIT and sell to the public $75 million of Units earlier this week has exercised their option in full to acquire an additional 700,000 Units at the offering price of $14.85. This brings the total number of Units purchased by the syndicate to 5,750,000, and the total value to $85,387,500.

As previously announced, the proceeds of this offering will be used to repay existing indebtedness incurred under the REIT's operating facility, for future property acquisitions and for general trust purposes.

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.

Launched in July 2003, Primaris Retail REIT owns dominant shopping centres in growing mid-size markets and regional malls in the sub-markets of large metropolitan areas. A TSX listed real estate investment trust, it had 35,442,822 units issued and outstanding as of June 30, 2005.

Contact Information

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