Primaris REIT owns and manages 35 retail properties aggregating approximately 11.4 million square feet, at Primaris REIT’s ownership share, including 22 enclosed shopping centres totaling approximately 9.8 million square feet and 13 unenclosed shopping centre and mixed-use properties aggregating approximately 1.6 million square feet. Primaris REIT is one of the largest owners and managers of enclosed shopping centres in Canada, and one of the largest owners and operators of retail property of all formats across Canada.
Primaris was initially formed in 2003 as a publicly traded company then known as Borealis Retail REIT, sponsored by Ontario Municipal Employees Retirement System (OMERS), one of Canada’s largest pension funds and owners of real estate. Management was internalized in 2009, and in 2013 H&R REIT acquired the Primaris operating platform and 25 of the properties owned and managed by Primaris. On December 31st, 2021, Primaris REIT was spun-off from H&R REIT through an non-taxable distribution of units. Concurrent with the spin-off, Healthcare of Ontario Pension Plan (HOOPP) contributed 6 large format shopping centres in exchange for approximately 26% of the units of Primaris REIT.
Primaris’ regional shopping centres are strategically located in major urban markets and major secondary cities across Canada. Our retail partners benefit from operating in shopping centres which are dominant within their trade area and are the core of their communities. Since 2003, Primaris has built a leading asset and property management platform consisting of over 300 professionals located across Canada, who specialize in the management and leasing of regional enclosed shopping centres. Primaris takes great pride in our assets and our people.
As one of the largest owner-operators of enclosed shopping malls and retail properties across Canada, Primaris has an established reputation as a true retail partner. Our commitment to being a leading partner to retailers is evident in the strong relationships we have with our tenants, which has made us a preferred landlord partner.
Our centres sit at the heart of the communities in which they are located. We proudly embrace our role in helping shape the fabric in our cities and neighborhoods with a focus on environmental stewardship and social leadership. Our properties reflect the value we put on placemaking and creating engaging gathering places that bring and keep people together and connected.