-- Primaris REIT (PMZ-UN.TO) and Quebec developer Immostar on Thursday said they acquired two retail properties, the Complexes Capitale, in Quebec City for $63.0 million.
The properties are adjacent to Les Galeries de la Capitale, which Primaris acquired in 2024.
Complexes Capitale totals 307,900 square feet of gross leasable area and is 100% leased to national tenants, a statement said. Immostar as managing partner has a 75% interest in the properties, with Primaris as non-managing partner owning a 25% interest.
"Our 25% non-managing interest in these strategic open-air retail properties consolidates the Galeries de la Capitale site and expands the overall footprint from 93 acres to approximately 122 acres," said Primaris chief executive Alex Avery. "Working alongside Immostar, a well-established local real estate developer, this enhanced site configuration provides greater flexibility as master planning of the surrounding excess lands advances and further positions the property for potential future development."
Primaris units were last seen up $0.05 to $18.18 on the Toronto Stock Exchange.
Price: $18.15, Change: $+0.02, Percent Change: +0.11%