Primaris operates shopping centres in secondary markets, such as Kelowna, Windsor, and St. John, NB. Ontario accounts for 39% of its NOI, with 35% in Alberta, 15% in BC, and the remainder in Manitoba, New Brunswick, and Quebec.
Income Investor
Primaris’ acquisition of Conestoga following the HOOPP deal indicates that its acquisition strategy for the $30 billion of enclosed malls available for sale by Canadian institutions will enable it to grow its NOI and distributions over the next few years. The redevelopment of the Dufferin Mall in west Toronto, with 1,200 apartments on the parking lot of which 120 will be social housing, indicate the potential for intensification of its properties. Conestoga has only 31.5% site coverage, for example. Buy now. - Gavin Graham
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PMZ.UN was first recommended here on October 2, 2022