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Primaris Sale Tops Ed Sonshine's List


Ed Sonshine, CEO of RioCan, Canada's largest real estate investment trust (third from left), says one of the biggest stories in 2013 was one his company was partially involved in—the spring sale of Primaris Retail Real Estate Investment Trust to H&R Real Estate Investment Trust in a $3B-plus transaction. As part of the deal, a KingSett Capital-led consortium--of which RioCan was a part--acquired 17 Primaris properties. H&R then acquired Primaris and its remaining 27 properties. Number 2 and 3 on Ed's list? The fall-off in REIT equity values, and the $500M sale of Toronto's Bayview Village.