TORONTO - A group led by KingSett Capital is proposing a $4.4-billion takeover of Primaris Retail Real Estate Investment Trust (TSX:PMZ.UN), one of Canada's largest shopping mall operators.
In a related transaction, RioCan Real Estate Investment Trust (TSX:REI.UN) has conditionally agreed to buy five regional malls and three other shopping centres currently owned by Primaris.
RioCan values that part of the Primaris portfolio at $1.1 billion.
So far there's no been publice no comment from Primaris on either of the proposals, announced this morning by KingSett and RioCan.
KingSett says it's offer of $26 per Primaris unit is a record price for the trust's units and 12.8 per cent above the closing market price on Tuesday.