05:42 PM EST, 12/22/2025 (MT Newswires) -- Primaris Real Estate Investment Trust (PMZ-UN.TO) after trade Monday said it completed the sale of Northland Village and Northland Professional Centre in Calgary for $154 million to a Canadian institutional investor on Dec. 19.

Northland Village, a recently redeveloped open-air centre in northwest Calgary, is anchored by Walmart, Winners, Best Buy, GoodLife and Dollarama, and drew strong interest from a broad pool of buyers. A statement noted Northland was sold at IFRS fair value, with proceeds used for debt repayment, unit buybacks under the NCIB and general trust purposes. The properties were unencumbered at the time of sale.

Primaris has maintained its 2025 and 2026 guidance, as this disposition was fully anticipated.

CEO Alex Avery said: "Executing $400 million of non-core asset sales in 2025 underscores Primaris' commitment to maintain a best-in-class balance sheet while continuing to leverage the competitive advantage our management platform provides, for acquiring, owning, and managing market leading Canadian malls."

In a financing update, Primaris said it used part of the Northland sale proceeds to fully repay its C$100 million unsecured bilateral non-revolving term facility and concurrently unwind the related C$50 million hedge. It also extended its C$600 million unsecured revolving credit facility to Jan. 4, 2029, and cut the variable interest rate by 15 basis points.

Shares of the company closed down $0.09 to $15.57 in Toronto on Monday.