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Primaris Completes $147.5M Bought Deal Offering Tied to St. Bruno Mall Purchase
Primaris REIT has closed its previously announced public $147.5-million bought-deal offering tied to the purchase of Promenades St-Bruno mall in suburban Montreal.
Vendor Cadillac Fairview will receive the proceeds as part of the $565-million sale price. The REIT issued 10 million units at $14.75 per unit to a syndicate of underwriters led by TD Securities, RBC Capital Markets and Desjardins Capital Markets.
Primaris also granted the underwriters an over-allotment option to purchase up to an additional approximately 1.5 million units within 30 days on the same terms and conditions.
As part of the purchase, the REIT also 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.
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
