Primaris Retail REIT ("Primaris" or "the REIT") (TSX:PMZ.UN) announced today that it has successfully completed the issuance of an aggregate of 5,002,500 trust units (the "Units") at a price of $23.00 per Unit for aggregate gross proceeds of $115,057,500 (the "Offering"). The Offering included the full exercise of the over-allotment option, which permitted the underwriting syndicate to purchase an additional 652,500 Units for $23.00 per Unit, for additional gross proceeds of $15,007,500. The underwriting syndicate for the Offering was co-led by RBC Capital Markets and CIBC.

The net proceeds from the Offering (after deducting the underwriters' fee and estimated expenses of the Offering) will be used to repay indebtedness, to fund future property acquisitions, to finance redevelopment of the REIT's existing properties, and 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 Information

The 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 April 30, 2012, Primaris had 84,882,264 Units outstanding (including 2,122,261 exchangeable units for which units have yet to be issued).

Contributing Sources

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

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