Overview

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in the leading enclosed shopping centres in growing mid-sized markets. The portfolio totals 39 properties, or 12.5 million square feet, valued at approximately $3.8 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. 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.

 

Primaris was initially formed in 2003 as a publicly traded company then known as Borealis Retail REIT, sponsored by Ontario Municipal Employees Retirement System (OMERS), one of Canada’s largest pension funds and owners of real estate.  Management was internalized in 2009, and in 2013 H&R REIT acquired the Primaris operating platform and 25 of the properties owned and managed by Primaris.  On December 31st, 2021, Primaris REIT was spun-off from H&R REIT through an non-taxable distribution of units.  Concurrent with the spin-off, Healthcare of Ontario Pension Plan (HOOPP) contributed 6 large format shopping centres in exchange for approximately 26% of the units of Primaris REIT.

 

Primaris is uniquely positioned as Canada’s only REIT focused on owning and managing enclosed shopping centres, with an established, fully internal and scalable management platform. Primaris targets market-leading enclosed shopping centres in growing mid-sized markets that are the largest retail centres in their diverse and growing trade areas, connected to mass transit and that sit on acres of land in the centre of town. Primaris provides attractive and affordable locations to tenant partners through its disciplined approach to cost management. We understand our tenants’ businesses, and monitor tenant occupancy costs to ensure long term tenant satisfaction and future lease renewals.  

 

Since 2003, Primaris has built a leading asset and property management platform consisting of over 350 professionals located across Canada, who specialize in the management and leasing of leading regional enclosed shopping centres.  Primaris takes great pride in our assets and our people.

 

As the largest owner and manager of enclosed shopping centres in Canada, measured by mall count, Primaris has an established reputation as a true retail partner. Our commitment to being a leading partner to retailers is evident in the strong relationships we have with our tenants, which has made us a preferred landlord partner. Our centres sit at the heart of the communities in which they are located.  We proudly embrace our role in helping shape the fabric of our cities and neighbourhoods with a focus on environmental stewardship and social leadership. Our properties reflect the value we put on placemaking and creating engaging gathering places that bring and keep people together and connected.