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Primaris Closes $565M Acquisition of Promenades St-Bruno Mall
Primaris REIT has completed the acquisition of CF Promenades St-Bruno mall in St. Bruno, Que., from Cadillac Fairview for $565 million in cash and equity.
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.
St. Bruno is a suburb on Montreal’s South Shore. The debt-free enclosed mall includes a large space that formerly housed a Hudson’s Bay Company department store. All Bay stores were shuttered in June as the iconic, now-defunct chain began to wind down its debt-burdened business.
As part of the equity consideration, Primaris will issue about 11.5 million units to be provided to the vendor, based on market value at the time of issuance.
Cadillac Fairview continues to divest retail assets. Earlier this year, the company sold Lime Ridge Mall in Hamilton to Primaris for $416 million.
Pictured: CF Promenades St-Bruno mall in St. Bruno, Que.
Photo: Cadillac Fairview
