Business
Immostar and Primaris REIT Strengthen their Presence in Quebec City with the $62.3 Million Acquisition of the North and South Complexes of Les Galeries de la Capitale
Immostar and Primaris REIT (“Primaris”) announced today the $63.0 million acquisiti...
About this update from Primaris Real Estate Investment Trust
[{"type":"text","content":"Immostar and Primaris REIT Strengthen their Presence in Quebec City with the $62.3 Million Acquisition of the North and South Complexes of Les Galeries de la Capitale\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n \n\n\n\n Immostar and Primaris REIT (“Primaris”) announced today the $63.0 million acquisition and closing of the north and south open-air retail centres (collectively “Complexes Capitale”) located immediately adjacent to Primaris’ enclosed shopping centre, Les Galeries de la Capitale. Situated in the heart of the Lebourgneuf sector, Complexes Capitale totals 307,900 square feet of gross leasable area and is 100% leased to national tenants.\n \n\n Complexes Capitale represents a highly strategic investment for Immostar and Primaris, enabling coordinated and enhanced development planning across the entire Galeries de la Capitale site.\n \n\n\n Complexes Capitale Highlights\n \n\n\n\n $62.3 million acquisition, with Immostar as managing partner owning a 75% interest and Primaris as non-managing partner owning a 25% interest;\n \n\n Located immediately north and south of Les Galeries de la Capitale;\n \n\n 307,900 square feet of open-air retail on 29 acres of land, resulting in approximately 22% total site coverage for the combined site including Les Galeries de la Capitale;\n \n\n 100% in-place occupancy; and\n \n\n Tenants include Rona, BMO, Adonis Mediterranean Market, McDonald’s, Golf Town among others.\n \n\n\n “While the market often associates us with our residential developments, commercial real estate has been at the core of Immostar’s DNA since its founding. With over 3.5 million square feet developed and managed to date, this acquisition reaffirms our position as a key player and our commitment to investing in high-growth strategic hubs such as Lebourgneuf,” said François Pelchat, Partner at Immostar.\n \n\n “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 Alex Avery, Chief Executive Officer at Primaris. “Working alongside Immostar, a well-established local real estate developer, this enhanced site configurati...