Primaris Real Estate Investment Trust acquires interest in Conestoga Mall for $270 million

WATERLOO — Primaris Real Estate Investment Firm has acquired interest in Waterloo’s Conestoga Mall for $270 million in a deal announced earlier this month.

In a press release Primaris said it inked the deal with Ivanhoe Cambridge, which will receive $165 million in cash and $105 million series A units of stock and $80 million in exchangeable preferred units for a newly formed subsidiary limited partnership through the transaction, which is expected to close next month.

“Conestoga Mall is among the top 15 most productive malls in Canada and will be highly accretive to Primaris’ overall portfolio quality,” says Primaris president and chief operating officer, Patrick Sullivan.

“Our team is very excited to add Conestoga Mall to our property portfolio, with significant potential income growth consistent with the growth we see ahead for our existing assets.”

The mall currently occupies almost 50 acres of land in North Waterloo. The 45-year-old mall is 94 per cent occupied and covers about 31 per cent of the total property.

That leaves the potential for future infill development, Primaris said.

Waterloo Count. Sandra Hanmer, who sits on the Waterloo Economic Development Advisory Committee said the deal is good news.

“It speaks to the strength in bricks-and-mortar retail and shows that Waterloo is a solid market for investment,” she said. “It’s one of the largest real estate deals in Waterloo’s history, and another indication of the value of the ION LRT.

“Since the announcement of the ION LRT route, we have seen over a billion dollars in real estate investment along the route in the City of Waterloo alone, and Conestoga Mall is a significant LRT/transit hub.”

Primaris currently has real estate holdings totaling 10.9 million square feet of retail valued at about $3.1 billion.


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