Business
H&R REIT ANNOUNCES CLOSING OF LANTOWER RESIDENTIAL REAL ESTATE DEVELOPMENT TRUST (NO. 1) OFFERING
H&R REIT ANNOUNCES CLOSING OF LANTOWER RESIDENTIAL REAL ESTATE DEVELOPMENT TRUST (NO. 1) OFFE...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n H&R REIT ANNOUNCES CLOSING OF LANTOWER RESIDENTIAL REAL ESTATE DEVELOPMENT TRUST (NO. 1) OFFERING\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prngen3{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n \n \n \n \n H&R REIT ANNOUNCES CLOSING OF LANTOWER RESIDENTIAL REAL ESTATE DEVELOPMENT TRUST (NO. 1) OFFERING\n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n April 3, 2024\n \n /CNW/ - H&R Real Estate Investment Trust (\"H&R\" or the \"REIT\") (TSX: HR.UN) today announced that the previously announced initial public offering (\"IPO\") of Lantower Residential Real Estate Development Trust (No. 1) (the \"REDT\") was successfully completed, raising the maximum amount of\n \n US$52 million\n \n .\n \n \n The REDT was formed to partner with H&R's subsidiary Lantower Residential on two residential development projects in\n \n Florida\n \n (the \"Projects\") expected to contain an aggregate of 601 units comprised as follows:\n \n \n \n \n \n \n \n (i)\n \n \n \n \n \n \n a project to develop multifamily residential rental buildings comprising 271 residential rental units sitting on 8.4 acres of land in Largo, Florida (Tampa); and\n \n \n \n \n \n \n \n \n (ii)\n \n \n \n \n \n \n a project to develop multifamily residential rental buildings comprising an aggregate of 330 residential rental units on 17.2 acres of land in Kissimmee, Florida (Orlando).\n \n \n \n \n \n \n \n Development of the Projects is expected to commence shortly, with total budgeted costs for the Projects of approximately\n \n US$210 million\n \n . Construction is expected to be completed and lease-up is expected to commence in...