Why Canadian Shopping Malls Are Making a CRE Comeback with Julian Schonfeldt, CIO at Primaris REIT

Welcome to the CRE podcast, 100% Canadian, 100% commercial real estate. What if the down cycles everyone fears are actually the best entry points for disciplined capital? Canadian shopping malls today may be one of real estate’s most overlooked opportunities. In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined once again by Julian Schonfeldt, Chief Investment Officer at Primaris REIT, who explains the forces driving retail’s unlikely renaissance, from a decade-long shortage of new shopping centres to growing institutional demand for high-quality assets.  Julian shares how Primaris is targeting dominant malls at attractive implied cap rates while pursuing 3-4% NOI growth, monetizing underutilized land, and concentrating its portfolio in high-traffic markets. The conversation also examines changing pension fund sentiment, the gap between backward-looking NAV valuations and current market fundamentals, and how retailers’ shift toward selective, high-productivity locations is strengthening the outlook for Canada’s best enclosed shopping centres.  **What You Will Learn** - How to capitalize on retail’s supply shortage - The land monetization playbook. - Why are pension fund sales accelerating now - The intensification strategy that works - How to read between the lines on REIT valuations - The omnichannel retail recovery thesis **Julian Schonfeldt** is a seasoned real estate investment and capital markets executive with nearly 20 years of experience. He is the Chief Investment Officer of Primaris REIT, a position he has held since April 2026. Previously, he was the Chief Investment Officer at CAPREIT, where he executed over $6 billion in strategic transactions before leaving the company in April 2026. Prior to CAPREIT, he spent over 11 years at RBC Capital Markets as a Managing Director in Global Investment Banking, following roles at Solaris Capital Advisors, KPMG, and PwC. . The post Why Canadian Shopping Malls Are Making a CRE Comeback with Julian Schonfeldt, CIO at Primaris REIT appeared first on Commercial Real Estate Podcast.