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H&R REIT Announces Receipt of Final Order and CRA Ruling in respect of Primaris Spin-Off; Timing for "Due Bill" Trading of H&R Units
H&R REIT Announces Receipt of Final Order and CRA Ruling in respect of Primaris Spin-...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n H&R REIT Announces Receipt of Final Order and CRA Ruling in respect of Primaris Spin-Off; Timing for \"Due Bill\" Trading of H&R Units\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 Announces Receipt of Final Order and CRA Ruling in respect of Primaris Spin-Off; Timing for \"Due Bill\" Trading of H&R Units\n \n \n Canada NewsWire\n \n \n \n \n \n \n Closing Date of Spin-Off to occur on\n \n December 31, 2021\n \n \n \n \n \n \n TORONTO\n \n ,\n \n Dec. 23, 2021\n \n /CNW/ - H&R Real Estate Investment Trust (\"H&R\" or \"the REIT\") (TSX: HR.UN) today announced that the previously announced spin-off of its Primaris properties including all of its enclosed malls to a new stand-alone, publicly traded real estate investment trust (\"Primaris REIT\"), to be implemented by way of plan of arrangement (the \"Arrangement\"), has received the final order of the Court of Queen's Bench of\n \n Alberta\n \n approving the Arrangement, as well as a tax ruling from the Canada Revenue Agency.\n \n \n As a result, the Arrangement will proceed to close as planned after markets close on\n \n December 31, 2021\n \n . Pursuant to the Arrangement, there will be a 4:1 consolidation of Primaris REIT units, such that holders of H&R units will ultimately receive one Series A unit of Primaris REIT (\"Primaris REIT Units\") for every four H&R units held.\n \n \n Immediately after completion of the Arrangement, the previously announced contribution to Primaris REIT of eight retail properties by the Healthcare of Ontario Pension Plan (\"HOOPP\") is expected to close such that by the end of\n \n December 31, 2021\n \n , H&R unitholders and HOOPP will directly own approximately 74% and 26%, respectively, of Primaris REIT units issued and outstanding.\n \n \n H&R has received conditional approval from the Toronto Stock Exchange (the \"TSX\") for the listing and posting for trading of the Primaris REIT Units. Listing of the Primaris REIT Units is subject to, among other things, satisfaction of the custo...