Primaris Retail REIT
TSX : PMZ.UN

Primaris Retail REIT

December 19, 2006 09:28 ET

Primaris Retail REIT Announces Exercise of Option

TORONTO, ONTARIO--(CCNMatthews - Dec. 19, 2006) -

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 and CIBC World Markets who agreed on December 5th 2006, to purchase from the REIT and sell to the public $100,440,000 million of Units has exercised its option in full to acquire an additional 540,000 Units at the offering price of $18.60. This brings the total number of Units purchased by the syndicate to 5,940,000, and the total value to $110,484,000. Closing of the offering is expected to take place on or about December 21, 2006.

As previously announced, the net proceeds from this offering will be used to 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.

This 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, it had 52,338,296 units issued and outstanding.

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