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Primaris Real Estate Investment Trust ( ($TSE:PMZ.UN) ) has issued an update.
Primaris Real Estate Investment Trust announced the closing of an over-allotment option, resulting in the issuance of an additional 1,448,599 trust units and gross proceeds of approximately $21.4 million. This increases the total gross proceeds from their recent public offering to approximately $168.9 million. The net proceeds are intended to pay down debt from the acquisition of Promenades St-Bruno, enhancing Primaris’ financial position and operational capacity in the Canadian retail property market.
The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$16.50 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 overall stock score is driven by strong earnings call performance and robust financial health, despite some leverage concerns. The attractive dividend yield adds value, but the high P/E ratio suggests the stock may be overvalued. Technical indicators show neutral momentum, reflecting a balanced market sentiment.
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 is Canada’s only enclosed shopping centre-focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The portfolio totals 15.6 million square feet, valued at approximately $5.4 billion at Primaris’ share. The company achieves economies of scale through its fully internal, vertically integrated, full-service national management platform and is well-capitalized to take advantage of market opportunities in the evolving Canadian retail property landscape.
Average Trading Volume: 185,999
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$1.81B
See more data about PMZ.UN stock on TipRanks’ Stock Analysis page.