On October 3, 2024, Primaris Real Estate Investment Trust (REIT) announced an offering of 4,475,119 Series A trust units at $15.55 per unit, with expected total gross proceeds of approximately CAD 69.6 million. The offering includes two components: a Treasury Offering, where the REIT will issue 2,187,836 units to raise CAD 34 million, and a Secondary Offering, where the Canada Pension Plan Investment Board (CPPIB) will sell 2,287,283 units, resulting in CAD 35.6 million in gross proceeds for the CPPIB. Net proceeds from the Treasury Offering, approximately CAD 32.7 million after fees and estimated expenses, are intended to repay indebtedness under a revolving credit facility.

RBC Dominion Securities Inc., Desjardins Securities Inc., TD Securities Inc., and other underwriters are participating in the offering. Legal advisors include Blake, Cassels & Graydon LLP for the REIT, Davies Ward Phillips & Vineberg LLP for CPPIB, and McCarthy Tétrault LLP for the underwriters. The REIT has opted to pay the vendors of the Les Galeries de la Capitale acquisition in cash rather than issuing units. The closing of the offering is expected to occur on or about October 9, 2024, with the potential for increased proceeds if the over-allotment option is exercised.