Canada markets close in 5 hours 47 minutes
  • S&P/TSX

    20,681.32
    +216.72 (+1.06%)
     
  • S&P 500

    4,552.04
    +39.00 (+0.86%)
     
  • DOW

    34,443.24
    +421.20 (+1.24%)
     
  • CAD/USD

    0.7800
    -0.0007 (-0.09%)
     
  • CRUDE OIL

    65.26
    -0.31 (-0.47%)
     
  • BTC-CAD

    73,157.82
    -2,350.35 (-3.11%)
     
  • CMC Crypto 200

    1,457.44
    +18.55 (+1.29%)
     
  • GOLD FUTURES

    1,770.90
    -13.40 (-0.75%)
     
  • RUSSELL 2000

    2,185.09
    +37.67 (+1.75%)
     
  • 10-Yr Bond

    1.4390
    +0.0050 (+0.35%)
     
  • NASDAQ

    15,297.77
    +43.72 (+0.29%)
     
  • VOLATILITY

    28.16
    -2.96 (-9.51%)
     
  • FTSE

    7,127.91
    -40.77 (-0.57%)
     
  • NIKKEI 225

    27,753.37
    -182.25 (-0.65%)
     
  • CAD/EUR

    0.6881
    -0.0012 (-0.17%)
     

H&R Real Estate Investment Trust to focus on residential and industrial sector

·1 min read

TORONTO — H&R Real Estate Investment Trust, one of Canada's largest landlords, announced a plan to spin off or sell its retail and office properties in a bid to focus on the residential and industrial sector.

The trust says it will spin off its Primaris properties including all of its enclosed shopping malls to a new publicly traded REIT that it will create with the Healthcare of Ontario Pension Plan.

Immediately following the spinoff, H&R unitholders will own a 74 per cent stake in Primaris, while HOOPP will own 26 per cent.

H&R also says it will sell $600 million of grocery-anchored and essential service retail properties, its $470-million equity interest in Echo Realty LP and $2.3 billion in office properties.

It says the money from the sales will be used to fund its multi-residential and industrial development pipeline and for acquisitions in key markets in Canada and the U.S.

The moves follow H&R's sale of the Bow office tower in Calgary and the Bell office campus in Mississauga, Ont., for a total of $1.47 billion in gross proceeds.

This report by The Canadian Press was first published Oct. 27, 2021.

Companies in this story: (TSX:HR.UN)

The Canadian Press

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting