Primaris Real Estate Investment Trust announced that it has agreed to acquire Halifax Shopping Centre and the Annex in Halifax, Nova Scotia for aggregate consideration of $370.0 million, subject to certain conditions, to be satisfied by a combination of cash and equity. This high quality asset acquisition builds Primaris' track record of successfully executing on its well defined growth strategy focused on market leading shopping centres. 69.0% in-place occupancy, and 96.2% committed occupancy including executed leases commencing over the next few months as part of the Sears redevelopment including Simons, Winners, Dollarama and PetSmart; $54.0 million Sears redevelopment substantially completed in 2023, and $70.0 million expansion, food court relocation and design upgrades throughout the centre completed in 2017; BOMA BEST Certified; Other large format tenants include Sport Chek and Zara; Unique commercial retail unit (CRU) tenants to the region include Apple, Aritzia, Michael Kors, Victoria's Secret, Browns, and Nespresso, and other notable CRU tenants include Sephora and Lululemon; and No traditional department store.

The Annex Property Highlights: Open air centre located immediately adjacent to Halifax Shopping Centre; Halifax Transit Mumford Bus Terminal on site, one of the city's busiest terminals; Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.