04:33 PM EDT, 10/02/2024 (MT Newswires) -- Primaris Real Estate Investment Trust (PMZ-UN.TO) and Canada Pension Plan Investment Board (CPPIB) after trade Wednesday entered into an agreement with a syndicate of underwriters who will purchase, on a bought-deal basis, an aggregate of 4.47 million units of Primaris at a price of $15.55 each.

The offering consists of a treasury offering of 2.18-million units by Primaris and a secondary offering of 2.28 million units by CPPIB. Primaris and the investment board will receive gross proceeds of approximately $34 million and $35.6 million, respectively.

Primaris is Canada's only enclosed shopping-center focused REIT, with ownership interests primarily in enclosed malls. The portfolio totals 38 properties totaling 13.3-million square feet valued at approximately $4.1 billion.

The REIT's units closed down $0.36 to $16.09 on the Toronto Stock Exchange.