More Regions
2026 Canadian Transactions of the Year
Eastern Canada
- EBlock’s Scott, Chatfield Honoured for Launching Physical, Online Vehicle Auction Centre in Halifax
- Both Forum REIIF, Alignvest Gain From ASH REIT Deal
- Colliers Teams Collaborate with Nokia and Governments on Mixed-Use, 11-Acre Campus
- KingSett Capitalizes on RTO Movement Early with Downtown Montreal Office Acquistion
- Mei Leads Hub City Team to Lease Up Chronically Vacant Duplex
- Boardwalk Excels Beyond its Comfort Zone with Three-Tower Apartment Complex Acquisition in Laval
- Teachers’ Seniors Home Portfolio Investment Pays Off with Sale to Welltower
- Colliers’ Amero and Roquet Large Laval New-Build Industrial Lease Stands Out
- Urbacon Achieves a Series of Firsts with $320M Data Centre ABS Refinancing Deal
- Primaris Uses Creativity to Complete $565M Acquisition of Promenades St-Bruno Mall
- Avison Young’s Clancy Closes Sale of Mississauga Industrial Asset in Under 100 Days
- Alta Canada’s Geller Steps Up to Buy Former Miséricorde Hospital in Downtown Montreal
Primaris Uses Creativity to Complete $565M Acquisition of Promenades St-Bruno Mall
Primaris REIT’s $565-million acquisition of CF Promenades St-Bruno mall in St. Bruno, Que., closed in fall 2025 as a result of using hundreds of millions of dollars in cash and equity.
To acquire the asset from Cadillac Fairview, the REIT paid $320 million in cash and $160 million in series A units at a price of $21.40 per unit and $85 million of 6% exchangeable preferred units at a price equal to the issue price per unit, subject to customary adjustments.
As part of the equity consideration, Primaris issued about 11.5 million units and provided them to the vendor, based on market value at the time of the issuance.
By using financial creativity to complete the deal, Primaris was able to acquire a debt-free prime suburban large-scale retail property on Montreal’s South Shore. The REIT also helped CF continue its retail-divestment program.
These are some of the reasons why Primaris REIT President and Chief Operating Officer Patrick Sullivan and Alex Avery, the REIT’s president and CEO, were honoured with a Canadian Transactions of the Year Award for completing its acquisition of Promenades St-Bruno. The awards highlight deals and closings impacting Canada’s commercial real estate sector.