Primaris Retail REIT
TSX : PMZ.UN

Primaris Retail REIT

December 21, 2006 08:48 ET

Primaris Retail REIT Closes $110 Million Public Offering of Trust Units

TORONTO, ONTARIO--(CCNMatthews - Dec. 21, 2006) -

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

Primaris Retail REIT (TSX:PMZ.UN) announced today that it has completed an issuance to the public of 5,940,000 trust units (the "Units") for $18.60 per Unit for gross proceeds of approximately $110 million, pursuant to a final short form prospectus dated December 14, 2006, through a syndicate of underwriters co-led by RBC Capital Markets and CIBC World Markets.

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.

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, 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