Primaris to pay $317.6 million for 2 malls in Fredericton, St. John, N.B.

TORONTO – Primaris Retail REIT (TSX:PMZ.UN) says it will pay $317.6 million to buy two shopping malls in New Brunswick from Cadillac Fairview.

One of the properties, Regent Mall, is in Fredericton and the McAllister Place mall is in Saint John.

Primaris has also arranged to issue at least $100 million of equity to pay for some of the transaction.

The Prmaris units are priced at $23.45 each.

The units closed Tuesday before the announcement at $23.41 and fell 59 cents in morning trading at the Toronto Stock Exchange.