Primaris Sells Winnipeg Shopping Centre Stake

Canadian property investment trust Primaris has agreed to sell its remaining 50% interest in Winnipeg's Grant Park Shopping Centre for C$44.4 million, continuing a programme of portfolio adjustments aimed at concentrating capital in larger retail properties. The disposal marks its second announced shopping centre sale within two weeks and follows a period of active acquisitions and asset management.

Grant Park Shopping Centre, located at 1120 Grant Avenue, opened in 1962 and contains approximately 400,000 square feet of retail space. Primaris disclosed that conditions attached to the sale had been waived on 26 October, with completion expected on 15 December. The company has also agreed to dispose of its remaining half-interest in Cataraqui Centre in Kingston, Ontario, for C$41.8 million.

The sales accompany a significant investment elsewhere in the portfolio. Primaris completed the C$411 million acquisition of Upper Canada Mall in Newmarket, Ontario, on 15 October, strengthening its exposure to a major regional shopping destination. The trust has also reported progress in replacing space formerly occupied by Hudson's Bay, with approximately 882,000 square feet leased or in advanced negotiations.

The transactions illustrate a selective approach to retail property investment rather than a wholesale retreat from shopping centres. Large, established malls with strong catchment areas can remain attractive institutional assets, while smaller holdings may offer opportunities to release capital. Primaris has also approved a 5.7% increase in annual distributions to unitholders, signalling confidence in its portfolio's income-generating capacity as it continues reshaping its property holdings.