Syndicate of underwriters close a C$74.7M treasury and secondary equity offering of Primaris Real Estate Investment Trust
On October 9, 2024, Primaris Real Estate Investment Trust (“Primaris”) completed its C$74.7 million public treasury and secondary offering of trust units of Primaris to a syndicate of underwriters co-led by RBC Capital Markets, Desjardins Capital Markets, TD Securities Inc., CIBC Capital Markets, National Bank Financial Inc. and Scotiabank, on a bought-deal basis.
A total of 4,803,294 trust units were sold at a price of $15.55 per trust unit pursuant to the offering. The offering consisted of a treasury offering of 2,516,011 trust units by Primaris, which includes gross proceeds from the exercise in full of the over-allotment option granted to the underwriters to purchase 328,175 trust units, and a secondary offering by Canada Pension Plan Investment Board (the “Selling Unitholder”) under which 2,287,283 trust units previously issued to the Selling Unitholder were sold.
Primaris, headquartered in Toronto, Ontario, is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing mid-sized markets.
McCarthy Tétrault advised the syndicate of underwriters, with a team led by Andrew Parker, that included Suzie Cusson, Jonathan Leung, Sheema Rezei (Corporate), Fred Purkey and Kathryn Walker (Tax).
