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New owner buys Halifax Shopping Centre and Annex for $370M

By Caitlin Snow Nov 21, 2023 | 6:00 AM

There is a new owner of the Halifax Shopping Centre.

Primaris announced Monday, they agreed to buy the mall and Annex for $370 million from Cushman and Wakefield Asset Services.

The Annex is the 412,000 square foot open-air centre next to Halifax Shopping Centre, and is the site of the Mumford Bus Terminal.

Together, the properties are 974,000 square feet of commercial space.

“Halifax Shopping Centre and the Annex exemplify the quality and market leading nature of Primaris REIT’s target acquisition profile. The shopping complex is extremely well located in central Halifax, adjacent to Halifax Transit’s Mumford Terminal and at the gateway to the Halifax peninsula, with a market leading position in one of Canada’s fastest growing mid-sized population centres,” said Patrick Sullivan, President and Chief Operating Officer. “With very strong sales performance trending above $1,000 per square foot, this acquisition enhances the REIT’s portfolio value proposition with retailers, and offers a significant income growth opportunity consistent with the growth we see ahead for our existing assets.”

The Real Estate Investment Trust buys only enclosed shopping centres in growing markets.
Halifax, Primaris says, is the second fastest growing city in Canada.

According to Statistics Canada, our city has been in the top five fastest growing Census Metropolitan Areas (CMA) for the past four consecutive years.

The sale is expected to close November 30.