# Primaris REIT Closes $411M Mall Purchase, Sells Kingston Asset for $41.8M

- URL: https://stocks.freetheai.org/news/primaris-reit-closes-411m-mall-purchase-sells-kingston-asset-for-41-8m-996e54
- Published: 2026-10-16T13:01:00Z
- Category: company_news; sentiment: bullish; impact: medium
- Symbols: [TSX:PMZ.UN](https://stocks.freetheai.org/symbols/TSX-PMZ.UN)
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Primaris Real Estate Investment Trust (TSX:PMZ.UN) completed its $411 million cash purchase of Upper Canada Mall in Newmarket, Ontario, on October 15, 2026. In a parallel transaction, the trust agreed to sell its 50% managing interest in Kingston's Cataraqui Centre for $41.8 million. Following the announcement, trust units gained 2.63% to reach 22.28 CAD.

The sale of the 572,600-square-foot Cataraqui Centre allows Primaris to monetize a non-core property with a 67% occupancy rate and a $33.4 million mortgage encumbrance at a 5.29% contractual rate. Management expects the divestment to improve portfolio quality, exit lower-growth assets, and simplify ownership structures while increasing financial flexibility.

Looking ahead, the disposition of the Kingston property is expected to close by January 6, 2027, subject to customary conditions and regulatory approvals. Primaris intends to use the net cash proceeds primarily for paying down debt and supporting general operational goals across its $5.6 billion property portfolio.

## Key points

- Primaris Real Estate Investment Trust (TSX:PMZ.UN) completed the $411 million acquisition of Upper Canada Mall on October 15, 2026.
- The trust agreed to sell its 50% managing interest in the Cataraqui Centre for $41.8 million.
- Net sale proceeds will be used for debt reduction and general trust purposes.
- The property disposition is scheduled to close by January 6, 2027, pending regulatory approvals.
- Primaris units rose 2.63% to 22.28 CAD following the announcement.

## Questions and answers

### How much did Primaris REIT pay for Upper Canada Mall?

Primaris Real Estate Investment Trust paid $411 million in cash to finalize the acquisition of Upper Canada Mall on October 15, 2026.

### What is Primaris REIT selling and for how much?

Primaris agreed to sell its 50% managing interest in Cataraqui Centre in Kingston, Ontario, for $41.8 million.

### How will Primaris REIT use the money from the property sale?

The trust plans to apply the net proceeds from the sale toward debt repayment and general trust operations.