Primaris Real Estate Investment Trust ( ($TSE:PMZ.UN) ) has issued an update.
Primaris REIT announced the sale of St. Albert Centre for $60 million and Sherwood Park Mall for $107 million, as part of its capital recycling strategy. These strategic dispositions are aimed at enhancing the appeal of its shopping center portfolio, with proceeds allocated for future acquisitions and other financial strategies. The company is also preparing for the departure of Hudson’s Bay Company (HBC) as a tenant, which is expected to cease operations by June 30, 2025. Primaris views this as an opportunity for future value creation and has plans for re-tenanting and redevelopment. Additionally, Primaris secured a $100 million financing facility to support its ongoing operations and strategic initiatives.
More about Primaris Real Estate Investment Trust
Primaris Real Estate Investment Trust (REIT) operates in the real estate industry, focusing on managing and developing shopping centers across Canada. The company primarily deals with enclosed shopping centers and aims to enhance its portfolio by focusing on market-leading shopping centers in growing Canadian markets.
YTD Price Performance: -2.81%
Average Trading Volume: 195,848
Technical Sentiment Signal: Sell
Current Market Cap: C$1.53B
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