Primaris Real Estate Investment Trust (REIT) has agreed to acquire the Lime Ridge Mall in Hamilton, Ontario, through a $416-million combined cash and equity deal with the vendor, Cadillac Fairview. The 793,00-square-foot enclosed shopping centre will enter the REIT’s portfolio as its fourth largest producer, based on all-store sales volume.

The new owners are targeting growth in net operating income through opportunities to lease nearly 300,000 square feet, including 266,000 square feet of vacant anchor space, in the near term. The BOMA BEST platinum certified mall fills about 30 per cent of a 65-acre site that offers proximity to major highways and houses a public transit terminal.

“Lime Ridge Mall is a market-leading regional enclosed shopping centre with all of the property characteristics Primaris is targeting with its growth strategy,” says the REIT’s president and chief operating officer, Patrick Sullivan. “There is significant opportunity for growth at this centre including leasing up vacant and temporarily tenanted space, and optimizing former department store space.”

“We are improving the overall quality of our enclosed shopping centre portfolio, driving the portfolio’s annual same store sales productivity from $768 per square foot as at March 31, 2025 to $774 per square foot, on a proforma basis,” reports Primaris’ chief executive officer, Alex Avery.

The transaction, which is expected to close June 17, pushes the REIT to $1 billion worth of acquisitions thus far in 2025. Primaris, the only Canadian REIT focused on enclosed shopping centres, boasts 15 million square feet of holdings, valued as CAD $4.9 billion.