Primaris Real Estate Investment Trust announced the acquisition of Conestoga Mall in Waterloo, Ontario, from Ivanhoé Cambridge for $270 million in cash and equity. This strategic move aligns with Primaris' growth strategy, aiming to enhance its portfolio with leading market shopping centers. Conestoga Mall, a top-performing regional center, is expected to significantly contribute to Primaris' income growth and portfolio quality.

The transaction included a $165 million cash payment, $25 million in series A REIT units, and $80 million in exchangeable preferred units in a new subsidiary. This acquisition, slated for closure in July 2023, required Toronto Stock Exchange and Competition Act approvals.

Conestoga Mall boasts a 585,000 square foot area, high sales productivity, and notable tenants like Apple and Lululemon, enhancing Primaris' asset base and financial health. The mall's proximity to a mass transit station in a high-growth area adds to its strategic value. The deal allows Primaris to maintain its financial leverage within target ranges, positioning Conestoga Mall as a key asset in its portfolio.