Kingsett Capital makes offer to acquire Primaris Retail REIT

TORONTO Wed Dec 5, 2012 7:33am EST

TORONTO Dec 5 (Reuters) - A consortium led by Canadian private equity firm KingSett Capital said on Wednesday it plans to make an offer to acquire Primaris Retail Real Estate Investment Trust in a deal valued at about C$4.4 billion.

The cash offer of C$26 per unit represents a premium of about 12.8 percent to Primaris's closing price of C$23.04 on the Toronto Stock Exchange on Tuesday.

KingSett Capital's consortium consists of certain KingSett Capital funds and the Ontario Pension Board. The proposed deal is also supported by an agreement with RioCan to purchase certain Primaris assets following the close of the proposed transaction.

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