H&R REIT Completes Strategic Sales of Office and Retail Properties
Goodmans represented H&R REIT in the sale to funds controlled by Oak Street Capital of 2 office properties (located in Calgary and Toronto, respectively) and 2 retail properties (located in Calgary and Kingston, respectively) for combined gross proceeds of $167.8 million.
H&R REIT will continue to manage the properties and earn the management fees payable by the tenants under their respective leases. The Calgary office building is leased to AltaLink, L.P., the Toronto office building is leased to Bell Canada and the 2 retail properties are leased to Rona. H&R REIT has the option to repurchase one of the office properties (100 Wynford Dr., Toronto) for approximately $159.6 million in 2036 or earlier under certain circumstances, allowing H&R REIT to capture any development upside created through their continuing rezoning efforts.
The sales move H&R REIT closer to achieving its portfolio simplification strategy goals, and brought the year-to-date dispositions value to $406 million.
Featured Work
-
REITS and Income Securities
Minto Apartment REIT completes going-private transaction with Crestpoint and Minto Group
Goodmans LLP acted for Minto Apartment Real Estate Investment Trust (the “REIT”) in connection with its going-private transaction with Crestpoint Real Estate Investments Limited Partnership… -
Mergers and Acquisitions
Jamieson Wellness to be acquired by Kirin Holdings in a deal valued at approximately C$2.5 billion
Goodmans LLP is acting for Jamieson Wellness Inc. in connection with its definitive arrangement agreement with Kirin Holdings Company, Limited, pursuant to which Kirin has agreed to acquire all of the… -
Mining
Cadillac Mines Corporation launches IPO
Goodmans LLP is acting as Canadian legal counsel to Cadillac Mines Corporation in connection with its initial public offering of common shares and special flow-through shares, and its concurrent C… -
REITS and Income Securities
Carriage Hill Properties Acquisition Corp. acquires InterRent REIT
Goodmans LLP acted for a consortium that included CLV Group Inc. in connection with the acquisition of InterRent REIT, whereby pursuant to a plan of arrangement a newly formed entity named Carriage… -
Mergers and Acquisitions
Onex Partners and co-investors to acquire AirSprint
Goodmans LLP is acting as M&A legal counsel to Onex Partners in connection with the acquisition of AirSprint Inc. by Onex and its co-investors… -
Aging and Healthcare
Welltower acquires Amica Senior Lifestyles portfolio for $4.6 billion
Goodmans LLP advised Welltower Inc. in connection with its acquisition of a portfolio of senior housing communities from Amica Senior Lifestyles and Ontario Teachers' Pension Plan for aggregate…