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Press release from Marketwire

Primaris Retail REIT Announces Completion of $115 Million Public Offering of Trust Units Including the Exercise of the Over-Allotment Option

Friday, November 09, 2012

Primaris Retail REIT Announces Completion of $115 Million Public Offering of Trust Units Including the Exercise of the Over-Allotment Option08:53 EST Friday, November 09, 2012TORONTO, ONTARIO--(Marketwire - Nov. 9, 2012) -NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICESPrimaris Retail REIT ("Primaris" or "the REIT") (TSX:PMZ.UN) announced today that it has successfully completed the issuance of an aggregate of 4,904,750 trust units (the "Units") at a price of $23.45 per Unit for aggregate gross proceeds of $115,016,387 (the "Offering"). The Offering included the full exercise of the over-allotment option, which permitted the underwriting syndicate to purchase an additional 639,750 Units for $23.45 per Unit, for additional gross proceeds of $15,002,137. The underwriting syndicate for the Offering was co-led by RBC Capital Markets and CIBC.As previously announced, the net proceeds from the Offering (after deducting the underwriters' fee and estimated expenses of the Offering) will be used to fund a portion of the purchase price, including closing costs, of the acquisition of Regent Mall and McAllister Place, which are anticipated to close at the end of November. Any additional net proceeds will be used for general trust purposes.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.Forward-Looking InformationThe press release contains forward-looking information based on management's best estimates and the current operating environment. These forward-looking statements are related to, but not limited to, the REIT's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", or similar words suggesting future outcomes. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Although the forward-looking statements contained in this press release are based on what management of the REIT believes are reasonable assumptions, forward-looking statements involve significant risks and uncertainties. They should not be read as guarantees of future performance or results and will not necessarily be an accurate indicator of whether or not such results will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results to differ from targets, expectations or estimates expressed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, economic, competitive and commercial real estate conditions, unplanned compliance-related expenses, uninsured property losses and tenant-related risks.Primaris Retail REIT owns 33 income-producing properties comprising approximately 13.7 million square feet located in Canada. Primaris Retail REIT is a TSX-listed real estate investment trust. As of October 31, 2012, Primaris had 95,085,289 Units outstanding (including 2,122,261 exchangeable units for which units have yet to be issued).FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: Primaris Retail REITJohn MorrisonPresident and Chief Executive Officer(416) 642-7860Primaris Retail REITLouis M. ForbesExecutive Vice President and Chief Financial Officer(416) 642-7810