Primaris Retail REIT (TSX:PMZ.UN) has announced an agreement to purchase the Cataraqui Town Centre.
The Town Centre is being purchased from a joint venture of The Cadillac Fairview Corporation Limited and Ivanhoe Cambridge for $168 million dollars, with the acquisition to occur in mid- August of this year.
John Morrison, President and CEO of Primaris, stated in a release “We are very pleased to add this strong asset to our portfolio. We welcome the Cataraqui management team to Primaris and look forward to their contribution to our success. Cataraqui Town Centre has a dominant position in its marketplace and we are excited by the merchandising opportunities it presents.”
Kingston’s Cataraqui Town Centre was built in 1982. It is a two-level enclosed regional shopping centre consisting of approximately 595,000 square feet on a 43 acre property.
Read more: Excerpt from the Press Release