On June 17, 2025, Primaris Real Estate Investment Trust (REIT) announced a secondary offering of 8,457,944 Series A trust units at $14.70 per unit, with gross proceeds expected to total approximately $124.3 million. The offering is being made by 2171948 Ontario Inc., an entity managed by Cadillac Fairview, which will exchange $100 million face value of Preferred LP Units into 4,672,897 Series A units immediately prior to closing. The REIT will not receive any proceeds from the offering. After deducting the 4.0% underwriters’ fee of $4.97 million, the selling unitholder is expected to receive net proceeds of approximately $119.36 million.

The offering is being conducted by an underwriting syndicate led by RBC Dominion Securities Inc. and TD Securities Inc., and includes Desjardins Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp., and Raymond James Ltd. Legal counsel includes Blake, Cassels & Graydon LLP for the REIT, Torys LLP for the selling unitholder, and McCarthy Tétrault LLP for the underwriters.

The offered units are listed on the Toronto Stock Exchange under the symbol “PMZ.UN.” The transaction is related to the REIT’s recently announced acquisition of Lime Ridge Mall in Hamilton, Ontario, for $416 million, which included $316 million in cash and $100 million in Preferred LP Units.