KingSett seeks to buy Primaris real-estate trust for $4.4B, sell chunk to RioCan

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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.

Organizations: RioCan, TSX, Primaris Retail Real Estate Investment Trust RioCan Real Estate Investment Trust

Geographic location: TORONTO, Canada

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