Toronto-based real estate investment trust sees potential in Halifax’s booming population growth
In a significant move for the retail sector, Primaris REIT has acquired the Halifax Shopping Centre and the Annex in Halifax’s west end for a whopping $370 million. The Toronto-based real estate investment trust saw the city’s remarkable population growth over the past five years as a key factor in this strategic investment. With the Halifax area predicted to reach half a million residents this year, the shopping centre’s prime location and leading status in the market made it an attractive addition to Primaris’ portfolio of shopping centres across Canada.
Population Growth and Investment Potential:
Halifax has experienced a record population growth, with over 30,000 people added this year alone, according to Statistics Canada. This surge in population, combined with the city’s thriving lifestyle and promising future, has caught the attention of Primaris REIT. The company’s CEO, Alex Avery, emphasized that owning the Halifax Shopping Centre allows them to participate in the exciting opportunities that lie ahead for Halifax.
Primaris REIT’s Expansion:
With the acquisition of the Halifax Shopping Centre, Primaris REIT now owns a total of 37 shopping malls across the country. The company’s current portfolio includes shopping centres in British Columbia, Alberta, Manitoba, Ontario, Quebec, and New Brunswick. Primaris REIT initially started as a property portfolio for the Ontario Municipal Employees Retirement System (OMERS), one of Canada’s largest pensions, before becoming a publicly traded investment trust in 2022.
Plans for the Halifax Shopping Centre:
Primaris REIT’s plans for the Halifax Shopping Centre align with the vision previously set by Cushman & Wakefield Asset Services Inc., the previous owner. These plans involve attracting prominent retailers, such as Winners and Simons, to fill the vacancy left by Sears in 2018. By bringing in these popular brands, Primaris aims to enhance the shopping experience for Halifax residents and visitors.
The acquisition of the Halifax Shopping Centre by Primaris REIT marks a significant investment in Halifax’s retail sector. With the city’s population growth on the rise and a strong market position, the shopping centre presents a promising opportunity for Primaris. As the company continues to expand its portfolio across Canada, the Halifax Shopping Centre will play a crucial role in the success of Primaris REIT’s retail ventures. With plans to attract new retailers and capitalize on the city’s thriving lifestyle, Primaris REIT’s acquisition is poised to contribute positively to Halifax’s retail landscape.