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H&R Real Estate Investment Trust will hold a special meeting on Nov. 13 for shareholders to vote on its $6.7 billion sale to GO Residential REIT and a consortium including Blackstone.
H&R Real Estate Investment Trust will hold a special meeting on Nov. 13 for shareholders to vote on its deal with GO Residential Real Estate Investment Trust, the Toronto -based company said. The deal, announced in August, involves the sale of all of H&R's assets for around $6.7 billion to GO Residential REIT and a consortium of other companies, including U.S. private equity firm Blackstone Inc.
Deal Details and Portfolio
The consortium of co-purchasers also includes Crestpoint Real Estate Investments, the Public Sector Pension Investment Board and a company controlled by family members of H&R chief executive Tom Hofstedter.
H&R, one of Canada's largest real estate investment trusts, said the deal includes a portfolio of 27 properties and nearly 10,300 suites across seven Sunbelt markets and New York. These assets will add to GO REIT's existing 10 properties comprising more than 3,000 suites in the New York City area.
The transaction is expected to close in the fourth quarter of this year, subject to unitholder, court and regulatory approvals.
Background and Regulatory Discussions
H&R confirmed in June that it had held talks with Blackstone regarding a potential sale of certain assets. The confirmation came after a request by securities regulators following media reports.
The company, which trades on the Toronto Stock Exchange under the symbol HR.UN, has been the subject of speculation about its future. The special meeting will allow shareholders to vote on the proposed sale.
The deal represents a significant transaction in the Canadian real estate sector, involving multiple large investors and a substantial portfolio of residential properties.
Upcoming Shareholder Vote
Shareholders will have the opportunity to approve or reject the deal at the Nov. 13 meeting. If approved, the sale is expected to complete in the fourth quarter, pending court and regulatory approvals.
The outcome will determine the future of H&R's assets and the expansion of GO REIT's portfolio in key U.S. markets.
H&R REIT GO Residential REIT Blackstone Special Meeting Real Estate Sale Tom Hofstedter Toronto
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