On April 9, 2026, Immostar and Primaris Real Estate Investment Trust (“Primaris”) announced the completion of the acquisition of the north and south open air retail properties located immediately adjacent to of Les Galeries de la Capitale shopping centre in Québec City for an aggregate purchase price of $62.3 million. The transaction involved the acquisition of approximately 307,900 square feet of fully leased retail space on 29 acres, with Immostar acquiring a 75% managing interest and Primaris acquiring a 25% non managing interest. The acquisition consolidated ownership across the broader of Les Galeries de la Capitale site, already owned by Primaris, expanding the combined landholding to approximately 122 acres and facilitating coordinated long term development planning.

Primaris is Canada’s only REIT focused exclusively on enclosed shopping centres. It holds ownership interests in leading regional shopping centres located in growing Canadian markets. Primaris’ portfolio comprises approximately 15.2 million square feet of retail space, with an estimated value of $5.2 billion at its share.

Gowling WLG advised Primaris REIT in this transaction with a team led by Alexandre Forest and Marie-Josée Leclerc.