Financings
Primaris REIT Completes $154 Million Strategic Disposition and Provides Financing Update
PMZ · Price
Executive Summary
- Primaris completed the sale of Northland Village and Northland Professional Centre for $154 million, marking a key step in its $400 million non‑core asset disposition target for 2025.
- Proceeds were used to fully repay a $100 million unsecured term loan, unwind a related $50 million hedge, and support the extension of its $600 million revolving credit facility with improved pricing.
- The transaction aligns with Primaris’ capital recycling strategy, maintains 2025‑2026 guidance, and strengthens the REIT’s balance sheet.
Key Details
- Disposition Price: $154 million (IFRS fair value).
- Buyer: Canadian institutional investor (unnamed).
- Use of Proceeds:
- Repayment of $100 M unsecured bilateral non‑revolving term facility.
- Unwinding of associated $50 M hedge.
- Funding for unit repurchases under the normal course issuer bid and general trust purposes.
- Financing Updates:
- Extended the $600 M unsecured revolving credit facility to January 4, 2029.
- Reduced variable interest rate by 0.15 %, from 0.35 % over Prime to 0.20 % over Prime (or from 1.35 % over CORRA to 1.20 % over CORRA).
- Disposition Portfolio Summary YTD 2025:
| Property | Location | Type | Gross Leasable Area | Occupancy | Disposition Price ($M) | Closing Date |
|---|---|---|---|---|---|---|
| Medicine Hat land | Medicine Hat, AB | Excess land | n/a | n/a | 2.0 | Feb 21 2025 |
| Sherwood Park Mall & Professional Centre | Sherwood Park, AB | Enclosed centre | 415,237 sq ft | 94.7% | 107.0 | Feb 28 2025 |
| St. Albert Centre | St. Albert, AB | Enclosed centre | 352,812 sq ft | 97.3% | 60.0 | Mar 31 2025 |
| Lansdowne Industrial | Peterborough, ON | Industrial centre | 265,076 sq ft | 87.3% | 9.9 | May 30 2025 |
| Carry Drive, Dunmore Plaza & Park Plaza | Medicine Hat, AB | Strip plazas | 93,914 sq ft | 74.2% | 12.7 | Jul 21 2025 |
| Northpointe Town Centre | Calgary, AB | Open‑air plaza | 200,582 sq ft | 100% | 54.5 | Jul 23 2025 |
| Northland Village & Professional Centre | Calgary, AB | Open‑air + professional centre | 416,909 sq ft | 94.0% | 154 | Dec 19 2025 |
- Total 2025 Dispositions: 7 properties, $400.1 M gross consideration (before transaction costs).
- Vendor Take‑Back Notes Included:
- $4.1 M 5‑year note @ 6% (Sherwood Park)
- $10.0 M 1‑year note @ 6% (St. Albert)
Notable Quotes
“Primaris is very pleased to close out the year with the strategic disposition of Northland, continuing to demonstrate our track record of disciplined capital allocation and capital recycling,” – Alex Avery, Chief Executive Officer.
All forward‑looking statements are subject to risks and uncertainties as described in the release.
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Jun 29, 2026 · 17:12