Primaris has sold Calgary’s Northland Village Mall and Northland Professional Centre to an unidentified institutional investor for $154 million, the REIT announced.

Both properties are situated on the same site in the city’s northwest quadrant. According to an unconfirmed report, the buyer is a subsidiary of Canada Life. Primaris used a portion of the net proceeds to repay in full its $100-million unsecured bilateral non-revolving term credit facilitiy and unwound a $50-million hedge.

Primaris sold seven assets altogether in 2025 for $400.1 million. As with the Northland case, some of the properties include multiple buildings and mixed-use components. Located in Alberta and Ontario, the properties span approximately 1.7 million square feet.

The Northland Village sale follows a multi-year redevelopment that transformed the former enclosed shopping centre into a largely open-air retail centre.

The listing was managed by TD Cornerstone Commercial Realty and RBC Capital Markets Real Estate Group. The offering was unpriced.

The high-visibility property, located at 5111 Northland Drive N.W. and 4600 Crowchild Trail N.W., spans 31.81 acres with a gross leasable area of 435,420 sf. Current occupancy stands at 97.8%, with anchor tenants including Walmart, Winners, and Best Buy alongside other national retailers.

The redevelopment has involved demolishing the mall’s interior, constructing new outparcel space, and repositioning the site for phased future development. The interior remains closed, while some stores in the open-air portion are open.

Upon full completion, the Northland site is expected to total approximately 390,000 square feet of retail and office space.

The REIT’s other divested properties include excess land, retail, office and industrial components in Medicine Hat, Alta.; Sherwood Park, Alta.; Peterborough, Ont.; and Calgary. The divestments’ notable deals included the sales of Sherwood Park Mall and Sherwood Park Professional Centre for $107 million; St. Albert Centre ($60 million) and Calgary’s Northpoint Town Centre ($54.5 million).

In another financing move, Primaris extended the term of its $600-million unsecured revolving credit facility by one year to January 4, 2029 while achieving a 0.15% reduction in the variable interest rate.

Pictured: Northland Village Mall redevelopment project in northwest Calgary.

Rendering: Primaris REIT