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H&R REIT Announces Closing of Strategic Sale of $277 million Ottawa office property
H&R REIT Announces Closing of Strategic Sale of $277 million Ottawa office property ...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n H&R REIT Announces Closing of Strategic Sale of $277 million Ottawa office property\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.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 Strategic Sale of $277 million Ottawa office property\n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 20, 2023\n \n \n /CNW/ - H&R Real Estate Investment Trust (\"H&R\" or \"the REIT\") (TSX: HR.UN) is pleased to announce the closing of the sale of 160 Elgin Street for\n \n $277.0 million\n \n , to Groupe Mach (the \"Purchaser\"), a private Canadian real estate firm. 160 Elgin Street was H&R's only\n \n Ottawa\n \n office property, comprising 973,611 square feet in downtown\n \n Ottawa, Ontario\n \n . This sale is consistent with the REIT's strategic repositioning plan to surface significant value for unitholders, by transforming into a simplified, growth-oriented company focused on residential and industrial properties.\n \n \n \"Given the considerable headwinds in the public and private real estate markets, we are very pleased to have executed this transaction,\" said\n \n Tom Hofstedter\n \n , Executive Chairman and CEO. \"This office sale furthers our strategic repositioning plan and moves H&R REIT closer to achieving our portfolio simplification strategy goals. We continue to execute our plan with discipline by transacting when we can surface fair value for our unitholders.\"\n \n \n \n Philippe Lapointe\n \n , President of the REIT, added, \"We are well on our way to creating a simplified, growth-oriented business that will create sustainable value for our unitholders. Initial proceeds of\n \n $67 million\n \n from this sale will be put to good use repaying debt and repurchasing H&R units at a significant discount to the REI...