Primaris REIT closes Promenades St-Bruno acquisition

Executive Summary

• Primaris REIT closed a $565 million acquisition of 100% of Promenades St‑Bruno in Montreal, originally announced on Oct. 6, 2025.
• The purchase price was paid with cash and equity; the equity portion was satisfied by delivering cash equivalent of net proceeds from a bought‑deal offering that closed earlier the same day.
• The transaction aligns with Primaris’s growth strategy to expand its portfolio of market‑leading enclosed shopping centres in Canada.

Key Details

• Transaction Value: $565 million total consideration (cash and equity).
• Target Asset: 100% interest in Promenades St‑Bruno, a shopping centre located in Montreal, Quebec.
• Seller: Cadillac Fairview.
• Closing Date: Friday, Oct. 10, 2025.
• Closing Conditions: All customary closing conditions were fulfilled or waived.
• Equity Portion Funding: Primaris satisfied the equity portion by delivering to Cadillac Fairview cash equal to net proceeds from its bought‑deal offering, assuming exercise of the overallotment option.
• Strategic Rationale: Enhances Primaris’s portfolio of enclosed shopping centres in growing Canadian markets and supports its defined growth strategy.

Notable Quotes

(No direct quotes were provided in the release.)