Business
H&R REIT Announces Closings of Retail and Office Transactions and Other Leadership Updates
H&R REIT Announces Closings of Retail and Office Transactions and Other Leadership Updates ...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\nH&R REIT Announces Closings of Retail and Office Transactions and Other Leadership Updates\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\n\n\n\nH&R REIT Announces Closings of Retail and Office Transactions and Other Leadership Updates\nCanada NewsWire\n\n\nTORONTO, Jan. 29, 2026 /CNW/ - H&R Real Estate Investment Trust (\"H&R\" or \"the REIT\") (TSX: HR.UN) today made the following announcements:\nClosings of Retail and Office Transactions\nThe REIT has closed the following transactions which were previously announced on November 25, 2025:\nOne Canadian retail property was sold on November 27, 2025;H&R's non-managing 33.1% ownership interest in Echo Realty, L.P.'s U.S. retail portfolio was sold on January 6, 2026. The purchaser assumed liabilities of $421.5 million at the REIT's ownership interest;23 Canadian retail properties were sold on January 27, 2026; and145 Wellington and 88 McNabb, two Greater Toronto Area (\"GTA\") office properties were sold on January 27, 2026.  Aggregate gross proceeds from the sales above amounted to approximately $1.1 billion. The net proceeds of approximately $727 million received in January 2026 were used to repay corporate debt.\nH&R has also entered into a management contract to manage the 23 Canadian retail and two office properties noted above.\nThe REIT expects to close the transactions to sell Hess Tower, a Houston office property, in February 2026 and the remaining 3 Canadian retail properties in March 2026.\nLantower Residential Update\nEffective April 1, 2026, Lantower Residential will externalize its property management operations and has entered into a master management agreement with Greystar. This strategic action is intended to enhance operating efficiency, improve cost structure, and increase strategic flexibility across the residential platform. \nThe transition to a third-party management model is expected to yield cost savings of approximately U.S. $5 million annually. In addition, this structure allows Lantower Residential to evaluate and pursue multifamily investment opportuniti...