Immostar and Primaris REIT Strengthen their Presence in Quebec City with the $62.3 Million Acquisition of the North and South Complexes of Les Galeries de la Capitale

• On 2026‑04‑08 Primaris REIT purchased a 25 % non‑managing interest in the “Complexes Capitale” open‑air retail sites adjacent to Les Galeries de la Capitale for $62.3 million (total transaction $63.0 M).
• The assets add 307,900 sq ft of gross leasable area on 29 acres, increasing Primaris’ total site coverage from 93 acres to ~122 acres – a ~22 % expansion of its footprint in the high‑growth Lebourgneuf sector of Québec City.
• All space is 100 % leased to national tenants (Rona, BMO, McDonald’s, etc.), providing immediate cash flow.
• Ownership structure: Immostar holds a 75 % managing interest; Primaris holds the 25 % non‑managing stake.
• Management quotes emphasize strategic positioning for future master‑planning and development of excess lands.

Aspect	Assessment
Scale vs. prior size	The acquisition adds ~22 % more land to Primaris’ Québec City portfolio, a material increase in a growth corridor.
Cash flow	Fully leased assets deliver immediate NOI; no dilution of earnings per unit (non‑managing interest).
Strategic fit	Aligns with the REIT’s stated focus on redeveloping former department‑store sites and monetising excess land. The added acreage expands options for future mixed‑use or residential master‑plans.
Capital allocation	Funding appears to be cash (no new debt disclosed). Uses existing liquidity, preserving balance‑sheet strength.
Market expectations	No prior public announcement of this transaction; the market had not priced in a 22 % site expansion in Québec City. Hence the news is new and positive, likely to lift sentiment.
Overall materiality	Given the size relative to total assets (~$5 B) and the strategic importance of the Lebourgneuf hub, the deal qualifies as Material – Positive rather than routine.

Primaris REIT owns and operates a portfolio of enclosed shopping centres and open‑air retail sites across Canada, focusing on high‑traffic urban locations. Its flagship projects include large‑scale redevelopments of former department‑store anchors (e.g., Hudson’s Bay) into mixed‑use parcels with residential components. The recent Québec City acquisition adds to its “excess land” strategy.