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Halifax mall acquired for $370 million by Toronto-based real estate investment company

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11 months ago

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A Halifax mall has been purchased by a Toronto-based real estate investment trust for $370 million.

On Monday, Primaris REIT announced it had acquired the Halifax Shopping Centre and the Annex in the city’s west end.

Alex Avery, Primaris’ CEO, said in an interview the city’s record population growth over the last five years made the location an attractive investment.

“The shopping centre is the leading shopping centre in the market and, as such, it’s a great complement to our portfolio of shopping centres spread across the country,” Avery said.

Earlier this month, Halifax Mayor Mike Savage said, according to Statistics Canada, the province’s population grew by more than 30,000 people this year. If current trends continue, it’s predicted the population in the Halifax area will reach half a million this year.

Primaris currently owns 36 shopping malls across the country in British Columbia, Alberta, Manitoba, Ontario, Quebec and New Brunswick.

Primaris REIT started out as a property portfolio for the Ontario Municipal Employees Retirement System (OMERS), one of Canada’s largest pension, according to the organization’s website. It became a publicly traded investment trust in 2022.

The Halifax Shopping Centre was owned by Cushman & Wakefield Asset Services Inc. Avery said Primaris’ plans for the property are “similar” to the plans Cushman has in the works, which include moving Winners and Simons locations into the mall, as well as other retailers to fill the vacancy left when Sears left the shopping centre in 2018.

“Halifax has a lot going for it,” Avery said. “The lifestyle is fantastic for people and we expect people to continue to move to Halifax and owning the shopping centre is a great way to participate in all of the great things that are ahead for Halifax.”

The deal is expected to close on Nov. 30.

 

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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1 day ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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6 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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