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Primaris Keeps Buying Canadian Centers

TORONTO-A four-center buy brings the locally based company's portfolio to 26 centers totaling 9.4 million sf.

By Debra Hazel | Updated on June 14, 2007

TORONTO-Primaris Retail REIT has agreed to acquire four shopping centers in Canada, for a total of C$95 million. The deal will enlarge the four-year-old company’s portfolio to 26 shopping centers comprising approximately 9.4 million sf, located in Canada.

“We want good locations, well-located centers our tenants want to be at,” Louis M. Forbes, Primaris senior vice president and chief financial officer, told GSR. “We have an established network of resources, and a good reputation. People want to work with us.”

The centers to be acquired are: the 310,000-sf enclosed Heritage Place in Owen Sound, Ontario; Garden City Square, with 160,000 sf in north central Winnipeg, Manitoba; Westbank Shopping Centre, with 74,000 sf in Westbank, British Columbia; and Northland Village Shoppes, with 7,000 square feet in Calgary, Alberta. Northland Village Shoppes is adjacent to Northland Village Shopping Centre, also owned by Primaris. In addition, the closing date for the previously announced C$186 million acquisition of Place D’Orleans, a 733,000-sf enclosed mall in Ottawa, Ontario, has been set for June 27.

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