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H&R REIT and Primaris REIT Announce Completion of Plan of Arrangement and HOOPP Transaction
H&R REIT and Primaris REIT Announce Completion of Plan of Arrangement and HOOPP Trans...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n H&R REIT and Primaris REIT Announce Completion of Plan of Arrangement and HOOPP Transaction\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n H&R REIT and Primaris REIT Announce Completion of Plan of Arrangement and HOOPP Transaction\n \n \n Canada NewsWire\n \n \n \n \n \n \n Primaris to commence trading independently on\n \n January 5, 2022\n \n \n \n \n \n \n TORONTO\n \n ,\n \n Jan. 4, 2022\n \n /CNW/ - H&R Real Estate Investment Trust (\"H&R\") (TSX: HR.UN) and Primaris Real Estate Investment Trust (\"Primaris\") (TSX: PMZ.UN) jointly announced today that the internal reorganization of H&R pursuant to which H&R's enclosed shopping mall business and certain other assets were spun-out to Primaris was completed on\n \n December 31, 2021\n \n . The transaction was implemented by way of a statutory plan of arrangement (the \"Arrangement\") and H&R unitholders received one unit of Primaris for every four units of H&R held immediately prior to closing of the Arrangement.\n \n \n \"We are pleased to reach this significant milestone in the strategic repositioning of H&R REIT, which is a product of the considerable time and effort of management and the board in consulting with investors, evaluating strategic options, and executing several significant strategic transactions,\" said\n \n Tom Hofstedter\n \n , President & CEO of H&R REIT. \"H&R REIT enters 2022 with a more focused portfolio, clear strategic direction, and the resources to create and surface value for unitholders.\"\n \n \n \"With the support and careful consideration of H&R REIT, Primaris REIT today begins a new phase of its evolution, extremely well positioned as an independent Canadian REIT,\" said\n \n Alex Avery\n \n , Chief Executive Officer of Primaris REIT. \"The entire Primaris team extends a sincere note of appreciation to Tom, the board of H&R REIT, and to unitholders, for the support and patience required to complete the strategic repositioning and spin-off.\"\n \n \n H&R contributed 27 prop...