Primaris: the Bay's empty space is becoming a rent raise
Update, Oct 29: Primaris guided 2027 redevelopment spending to $160M to $180M, nearly triple this year's $60M to $64M; 728,000 sq ft (69%) of former Hudson's Bay space is signed or conditionally committed, expected to produce $15.1M in annual net rent, about 4x what the Bay paid.
Investor impact: subdivided anchor space is a proven rent-uplift play, which strengthens the neighbourhood and mid-market retail thesis behind the Upper Canada Mall buy covered yesterday.
Source: https://www.connectcre.ca/stories/primaris-plans-up-to-180m-in-mall-redevelopment-spending-in-2027/
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