Primaris REIT Acquires Promenades St-Bruno for $565 Million

An announcement from Primaris Real Estate Investment Trust ( ($TSE:PMZ.UN) ) is now available.

Primaris REIT has announced the acquisition of Promenades St-Bruno in Montreal for $565 million, funded through a mix of cash and equity. This acquisition is expected to enhance Primaris’ financial performance by increasing its annualized fully diluted FFO per unit and improving sales productivity. The acquisition aligns with Primaris’ strategy of expanding its portfolio with high-quality assets, and it is expected to increase the company’s public float and trading liquidity, benefiting all unitholders.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$17.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Spark’s Take on TSE:PMZ.UN Stock

According to Spark, TipRanks’ AI Analyst, TSE:PMZ.UN is a Outperform.

Primaris REIT’s strong earnings call and positive technical indicators are the most significant factors driving the score. The company’s robust guidance and strategic acquisitions support future growth. Financial performance is stable but highlights areas for improvement in profitability and leverage management. The valuation is mixed, with a high P/E ratio but an attractive dividend yield.

To see Spark’s full report on TSE:PMZ.UN stock, click here.

More about Primaris Real Estate Investment Trust

Primaris Real Estate Investment Trust (REIT) operates in the real estate industry, focusing on acquiring and managing shopping centers in growing Canadian markets. The company is known for its strategic acquisitions and maintaining a strong financial model, which enhances its portfolio of enclosed shopping centers.

Average Trading Volume: 143,421

Technical Sentiment Signal: Strong Buy

Current Market Cap: C$1.66B

For detailed information about PMZ.UN stock, go to TipRanks’ Stock Analysis page.