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Primaris REIT Reiterates Guidance; Gains Control and Commences Repurposing of Five HBC Locations; Four Leases Subject to Bids
Primaris Real Estate Investment Trust (“Primaris”, the “REIT” or the ...
About this update from Primaris Real Estate Investment Trust
[{"type":"text","content":"Primaris REIT Reiterates Guidance; Gains Control and Commences Repurposing of Five HBC Locations; Four Leases Subject to Bids\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.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.bwwidth12 { width: 12% }\n.bwwidth13 { width: 13% }\n.bwwidth16 { width: 16% }\n.bwwidth17 { width: 17% }\n.bwwidth18 { width: 18% }\n.bwwidth19 { width: 19% }\n.bwwidth25 { width: 25% }\n.bwwidth30 { width: 30% }\n.bwwidth40 { width: 40% }\n \n\n\n\n Primaris Real Estate Investment Trust (“Primaris”, the “REIT” or the “Trust”) (TSX: PMZ.UN) announced today that it has received notice from the court-appointed monitor overseeing Hudson’s Bay Company (“HBC”) proceedings under the Companies’ Creditor Arrangement Act (“CCAA”) that 5 of the 9 HBC leases within the Primaris portfolio did not received any bids and have been disclaimed. As a result, Primaris will assume full control of these sites effective June 16, 2025. The leases disclaimed by HBC include:\n \n\n\n\n\n\n As at May 26, 2025\n \n\n\n\n ‘000s square feet, unless otherwise indicated)\n \n\n\n\n (unaudited)\n \n\n\n\n\n\n Property\n \n\n\n\n Ownership\n \n\n\n\n\n\n HBC Lease\n \n\n\n\n Status\n \n\n\n\n\n\n Property GLA\n \n 1\n \n\n\n\n\n at Share\n \n\n\n\n\n\n HBC GLA\n \n\n\n\n at Share\n \n\n\n\n\n\n\n Cataraqui Town Centre\n \n\n\n\n Kingston, ON\n \n\n\n\n 50 %\n \n\n\n\n Disclaimed\n \n\n\n\n 286.2\n \n\n\n\n 56.5\n \n\n\n\n\n\n Les Galeries de la Capitale\n \n\n\n\n Québec, QC\n \n\n\n\n 100 %\n \n\n\n\n Disclaimed\n \n\n\n\n 987.5\n \n\n\n\n 163.3\n \n\n\n\n\n\n Medicine Hat Mall\...