08:08 AM EST, 01/22/2025 (MT Newswires) -- Primaris Real Estate Investment Trust (PMZ-UN.TO) on Wednesday said it will acquire a 50% stake in Southgate Centre in Edmonton, Alberta and 100% of Oshawa Centre in Oshawa, Ontario for $585 million in cash and shares.

The two transactions will close on Jan. 31.

The REIT is also selling Sherwood Park Mall in Sherwood Park, Alberta, for $107 million, and has closed on its sale of Edinburgh Market Place in Guelph, Ontario for $31.5 million. The sale of Sherwood Park Mall is expected to close on Feb. 13, Primaris added.

"Southgate and Oshawa Centre are two market leading regional enclosed shopping centers with all of the property characteristics Primaris is targeting with its growth strategy. Both are located in large and growing markets, with access to mass transit, and with very strong sales volumes," said President and Chief Operating Officer Patrick Sullivan. "There is significant opportunity for growth at both centers including the conversion of tenants from variable to net rent deals, leasing up vacant space and temporarily tenanted space, and optimizing former department store space."