The Company is an unincorporated open-ended real estate investment trust and was created pursuant to the Declaration of Trust dated March 28, 2003. The Trust commenced operation on July 17, 2003. The investment strategy of the REIT is to invest primarily in Canadian properties that are mid-market retail centres in major cities or major retail centres in secondary cities.
The objectives of the REIT are: (i) to generate stable and growing cash distributions on a tax efficient basis; (ii) to enhance the value of the REIT assets and maximize long-term unit value through the active management of its assets: and (iii) to expand the asset base of the REIT and increase distributable income through an accretive acquisition program by accessing the network of relationships and depth of commercial property and financing experience offered by Borealis Capital Corporation.
The REIT was listed on the Toronto Stock Exchange on July 16, 2003.
Effective from May 13, 2005, Borealis Retail Real Estate Investment Trust changed its name to Primaris Retail Real Estate Investment Trust.
Primaris Retail Real Estate Investment Trust, formerly known as Borealis Retail Real Estate Investment Trust, is an open-ended real estate investment trust engaged in the ownership, management, lease, and development of retail properties primarily in Canada. The company was founded in 2003 and has its registered office in Toronto, Ontario, Canada. It was formed to directly or indirectly own, manage, lease and develop retail properties primarily in Canada.
The company owns a portfolio of 26 retail properties that contained approximately eight million square feet of gross leaseable area. Its portfolio’s approximately nine million square feet of retail space are approximately 97 percent occupied, which is virtually fully leased. The company’s properties are located in 20 markets in seven provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and New Brunswick. These properties are either mid-market retail centers in major cities, such as Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Montreal, Ottawa-Hull and Quebec City, or major retail centers in secondary cities.
The company’s property portfolio includes Aberdeen Mall, Cornwall Centre, Eglington Square, Grant Park in Winnipeg, Midtwon Plaza, Tilsonburg Gateway Centre, Northland Village Shoppers, and Dufferin Mall. The tenants of the company include Zellers, Ultra Food & Drug Mart, and Wal-Mart.
The company aims to generate stable and growing cash distributions, to maximize the unit value for investors, and to expand the asset base. It is managed by Oxford Properties Group, one of Canada’s largest and most experienced managers of income-producing properties.
Group or Branch:
PRIMARIS MANAGEMENT INC
Suite 1100 M5H 3P5, TORONTO, ON, CANADA