On June 16, 2025, Primaris Real Estate Investment Trust (TSX: PMZ.UN) announced its agreement to acquire a 100% interest in Lime Ridge Mall in Hamilton, Ontario, from an entity managed by Cadillac Fairview for C$416 million. The transaction closed on June 17, 2025, and was structured as C$235 million in cash, C$81 million in Series A REIT units issued at C$21.40 per unit, and C$100 million in 6.00% exchangeable preferred units. This acquisition aligns with Primaris’ strategy of owning top-tier enclosed shopping centres in growth markets.

Lime Ridge Mall is a 793,000 square foot enclosed shopping centre with annual sales of C$251 million and sales productivity of C$841 per square foot. It will become Primaris’ fourth-largest asset by sales volume, with committed occupancy of 62.3%, a five-year weighted average lease term, and C$20 million in recent capital improvements. The acquisition is expected to be modestly accretive to FFO and keep net debt to adjusted EBITDA within the 4.0x to 6.0x range.

In a concurrent secondary offering, Primaris and a Cadillac Fairview affiliate sold 8,457,944 REIT units at C$14.70 each, raising approximately C$124.3 million. The offering was led by RBC Capital Markets and TD Securities Inc., with Desjardins Capital Markets as co-lead.