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.

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