Primaris Retail REIT

Primaris Retail REIT

August 13, 2007 13:01 ET

Primaris Retail REIT Closes $160 Million Public Offering

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2007) - Primaris Retail REIT (TSX:PMZ.UN) announced today that it has completed an issuance to the public of $100 million of 5.85% convertible unsecured subordinated debentures (the "Debentures") due August 1, 2014 and 3,134,000 trust units (the "Units") for $19.15 per Unit, pursuant to a final short form prospectus dated August 3, 2007, through a syndicate of underwriters co-led by RBC Capital Markets and CIBC World Markets Inc.

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 has previously announced the acquisitions of two shopping centres, Heritage Place and Westbank, scheduled to close in August 2007. Upon completion of these two acquisitions, Primaris will own 26 properties comprising approximately 9.3 million square feet located in Canada. As of July 31, 2007, Primaris had 58,634,954 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