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Primaris REIT Announces $411 Million Acquisition of Leading GTA Shopping Centre, Upper Canada Mall
The purchase adds a 990,114-square-foot mall with $271 million in annual CRU sales volume and could lift Primaris’s funds from operations.
- Primaris Real Estate Investment Trust announced an agreement on Sunday to acquire Upper Canada Mall in Newmarket, Ontario, for $411 million in cash, with closing expected by October 31, 2026.
- The company continues consolidating Canada's enclosed mall market by targeting dominant GTA shopping centres; president Patrick Sullivan noted focus on high-end malls generating well-above-average sales per square foot.
- Financing includes a $230 million equity offering that closed on September 22, 2026, cash on hand, and an expected $150 million draw on its unsecured revolving credit facility, leaving $450 million available liquidity.
- The acquisition is expected to be modestly accretive to annualized fully diluted FFO per unit by $0.02, or 1%, and will make Upper Canada Mall Primaris' fourth largest shopping centre by total CRU sales volume.
- Significant upside exists through leasing vacant space formerly occupied by Hudson's Bay Company and Toys 'R' Us, while management plans potential residential development on the site's 76 acres over the coming years.
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12 Articles
12 Articles
Orillia Matters+2 Reposted by 2 other sources
Real estate trust purchases Upper Canada Mall for $411M
Primaris purchases mall with plan to fill empty spaces with 'new and exciting retailers'
·Orillia, Canada
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Bradford TodayReposted by 
InnisfilToday.ca
InnisfilToday.ca'Fits our strategy': Real-estate trust purchases Upper Canada Mall for $411M
Primaris purchases Newmarket mall with plan to fill empty spaces with 'new and exciting retailers'
·Bradford West Gwillimbury, Canada
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Coverage Details
Total News Sources12
Leaning Left6Leaning Right1Center2Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 22%
11%
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