DBRS Places Primaris Retail Real Estate Investment Trust Under Review with Developing Implications

DBRS has today placed the Issuer Rating of BBB (low) for Primaris Retail Real Estate Investment Trust’s (Primaris or the Trust) Under Review with Developing Implications.

This action follows the KingSett Capital-led consortium’s (KingSett) announcement of its intention to make an all-cash offer to purchase all of the issued and outstanding trust units of Primaris at a price of $26.00 per unit (or approximate total of $2.5 billion). Should KingSett successfully acquire Primaris and take the Trust private, DBRS’s current Issuer Rating may no longer be relevant.

DBRS will continue to follow the developments surrounding the proposed offer and will aim to resolve the Under Review status as details become available and in conjunction with the resolution of the expected negotiations.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Real Estate Entities, which can be found on our website under Methodologies.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.