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FINWIRES

Primaris REIT Launches CA$200 Million Equity Offering

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Primaris Real Estate Investment Trust (PMZ-UN.TO) agreed with underwriters to sell to them, on a bought-deal basis, 9.9-million units of Primaris at CA$20.20 apiece for about CA$200 million, it said in a statement after markets closed on Monday.

Closing of the offering is expected on or about Sept. 22, and is subject to customary closing conditions. Primaris also granted the underwriters an over-allotment option to buy up to an additional 1.5-million REIT units from treasury on the same terms and conditions, exercisable at any time, in whole or in part, for a period of 30 days following the closing of the offering, it said.

Proceeds will be used to fund its future acquisitions and for general trust needs.

Shares of the company closed up 0.3% to CA$20.96 on Monday on the Toronto Stock Exchange.

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