Borealis Retail REIT Announces Name Change to Primaris Retail REIT.

TORONTO -- Borealis Retail REIT (TSX:BRE.UN) has rebranded under the name Primaris Retail REIT. The Toronto Stock Exchange ticker symbol has also changed, from BRE.UN to PMZ.UN; similarly, the symbol for the convertible debentures has changed, from BRE.DB to PMZ.DB. These securities will start trading under these new symbols at the open of market on Tuesday, May 17.

Primaris, derived from Latin, means first in rank, and represents the REIT's strength in retail real estate investments.

"We are excited to share our new name and identity." says CEO Michael Latimer, "Following our first two successful years in operation, it is important we establish our distinct identity in the marketplace, and we are pleased to have been able to announce this important development at our recent annual meeting, with so many of our investors in attendance."

Primaris Retail REIT is a TSX listed real estate investment trust (TSX:PRZ.UN). Primaris Retail REIT owns 9 shopping centres comprising approximately 4.55 million square feet located in Canada. As of March 31, 2005 the REIT had 34,067,381 units issued and outstanding.

Borealis Retail REIT (TSX:BRE.UN)