Business
Primaris REIT Provides Leasing and Status Update on Former Anchor Space
Primaris Real Estate Investment Trust (“Primaris” or the “REIT”) (TSX...
About this update from Primaris Real Estate Investment Trust
[{"type":"text","content":"Primaris REIT Provides Leasing and Status Update on Former Anchor Space\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistdisc { list-style-type: disc }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwpadr0 { padding-right: 0px }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth100 { width: 100% }\n.bwwidth15 { width: 15% }\n.bwwidth18 { width: 18% }\n.bwwidth2 { width: 2% }\n.bwwidth22 { width: 22% }\n.bwwidth29 { width: 29% }\n.bwwidth37 { width: 37% }\n.bwwidth41 { width: 41% }\n \n\n\n\n Primaris Real Estate Investment Trust (“Primaris” or the “REIT”) (TSX: PMZ.UN) is pleased to provide an update on leasing and redevelopment progress for its former anchor space, following the full disclaimer of all remaining Hudson’s Bay Company (“HBC”) leases across its national enclosed shopping centre platform.\n \n\n Primaris now has full control of all 1.3 million square feet (sq.ft.) of former HBC gross leasable area (“GLA”) and 0.5 million sq.ft. of former Sears space, and has accelerated negotiations with retailers. The REIT’s leasing strategy is twofold: firstly, execute long term leases with single tenant and multi-tenant configurations (“Re-leasing Plans”), where appropriate; and secondly, repurpose and subdivide space (“Redevelopment Plans”), to accommodate multiple large format tenants, and/or high-value commercial retail units (“CRU”). During the design, permitting, and planning process, Primaris is executing short term leases with reputable tenants, to restore rental income until Re-leasing and Redevelopment Plans are executed.\n \n\n\n Highlights of Progress to Date\n \n\n\n\n 516,000 sq.ft. of former HBC space leased to single tenant users with ...