Primaris REIT is raising $200 million in fresh equity as it evaluates more than $1 billion of potential shopping centre acquisitions, extending an expansion focused on larger, higher-productivity malls.

The Toronto-based REIT has launched a bought-deal offering of 9.91 million units at $20.20 each, with TD Securities, Desjardins Capital Markets and RBC Capital Markets leading the underwriting syndicate.

The offering is expected to close Sept. 22.

Primaris said the proceeds will help fund future acquisitions and that it is currently in various stages of negotiations on potential transactions carrying a combined purchase price of more than $1 billion.

The pipeline comes as stronger Canadian malls benefit from tight vacancy and solid leasing demand, while weaker properties continue to face challenges. The closure of Hudson’s Bay has added another test for landlords, but Primaris says 84% of its former Bay space is leased or in advanced negotiations, with anticipated rents on that space nearly four times what HBC previously paid.

Since October 2024, the REIT has completed nearly $2 billion of acquisitions, including Les Galeries de la Capitale in Quebec City, Oshawa Centre, Edmonton’s Southgate Centre, Lime Ridge Mall in Hamilton and Promenades St-Bruno near Montreal. It launched a redevelopment at St-Bruno last month.

At the same time, Primaris has been pruning weaker assets. In June, it announced $99.5 million of non-core shopping centre dispositions.

Primaris owns interests in 14.6 million SF of enclosed shopping centres across Canada, with its share of the portfolio valued at approximately $5.2 billion.

Pictured: Lime Ridge Mall in Hamilton, which Primaris REIT acquired for $416 million in 2025.