A secondary offering tied to Primaris REIT’s $416-million acquisition of Lime Ridge Mall in Hamilton has closed.

The $124.3-million bought-deal offering involved the mall vendor’s sale of about 8.5 million units to a syndicate of Canadian underwriters bookrun bookrun by RBC Capital Markets and TD Securities, and co-led by Desjardins Capital Markets. The mall’s vendor, an entity managed by Cadillac Fairview, had received the units as part of the proceeds from the property sale.

The underwriters purchased the units for $14.70 apiece. Primaris did not receive any proceeds from the unit sale.

Cadillac Fairview’s entity no longer owns any Primaris units.

The REIT’s acquisition of Lime Ridge closed Tuesday after being announced early Monday evening in the Eastern time zone. Primaris bought the mall from the Cadillac Fairview-managed entity for $235 million in cash, $81 million in REIT units, and $100 million in preferred units exchangeable into REIT units. Lime Ridge is now Primaris’ fourth-largest property by sales volume and adds to the REIT’s strategy of expanding its portfolio of leading enclosed shopping centres in growing Canadian markets.

The 793,000-square-foot mall sits on 65 acres of land but only covers 30% of the property, indicating that there is ample room for a mixed-use development project.

Pictured: Lime Ridge Mall in Hamilton.

Photo: Cadillac Fairview