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TORONTO-Locally based Primaris Retail REIT expects to grow its portfolio to 20 properties totaling about 7.75 million sf in Canada when it closes a $114.3-million deal by June 15 on four shopping centers in Ontario and New Brunswick, according to Primaris CEO R. Michael Latimer. The contract price equates to an average $162.21 per sf.

The transaction will increase the book value of the portfolio to more than $1.2 billion, Latimer says in a prepared statement. The purchase will be financed by $55 million of debt and $59.3 million of cash on hand. The closing date could be delayed if Primaris doesn't obtain a lender's consent to assume a loan on one of the assets, Latimer says.

One of the four assets will not be encumbered by debt. The entire debt load on the acquisition will be a combination of the assumption of an existing loan and the refinancing of some existing loans, according to Louis M. Forbes, senior vice president and chief financial officer at Primaris.