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Canada  + Maritimes  + Ontario  | 
Primaris REIT has upsized its revolving credit facility to $600 million.

Primaris REIT Upsizes Credit Facility

Primaris REIT is looking to acquire more shopping centres after expanding its revolving credit facility to $600 million from $400 million.

The unsecured syndicated facility matures in January 2027, said Toronto-based Primaris in a news release. Based on the REIT’S BBB (high) credit rating, the facility bears interest as either prime plus 0.35% per annum or 1.35% per annum based on the Canadian adjusted overnight rate.

CIBC, Scotiabank, TD Securities, and Desjardins Capital Markets led a six-bank syndicate that included National Bank Financial and RBC.

CEO Alex Avery said the new credit facility gives the REIT approximately $650 million of additional liquidity, including cash on hand, with which to pursue further acquisitions.

Primaris ranks among Canada’s largest retail property owners. In November, the REIT agreed to purchase the Halifax Shopping Centre and adjacent Annex for $370 million.

Photo:  Patrick Hatt / Shutterstock.com

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Inside The Story

Alex AveryPrimaris REIT

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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