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H&R REIT Completes the Sale of a 50% Interest in Two Canadian Enclosed Shopping Centres
H&R REIT Completes the Sale of a 50% Interest in Two Canadian Enclosed Shopping Centre...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nH&R REIT Completes the Sale of a 50% Interest in Two Canadian Enclosed Shopping Centres\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\n\n\nH&R REIT Completes the Sale of a 50% Interest in Two Canadian Enclosed Shopping Centres\nCanada NewsWire\nTORONTO, Jan. 17, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./\n\n\n\nTORONTO, Jan. 17, 2017 /CNW/ - H&R Real Estate Investment Trust (\"H&R REIT\") (TSX: HR.UN; HR.DB.D; and HR.DB.H) is pleased to announce the completion of a transaction to sell a 50% non-managing interest in two Canadian shopping centres, specifically, Cataraqui Shopping Centre in Kingston, Ontario and Place du Royaume in Chicoutimi, Quebec to Montez Corporation (\"Montez\") for a total purchase price of approximately $211.6 million at a capitalization rate of 5.76% before property management fee income.  The purchaser assumed 50% of the existing mortgages and the net proceeds to H&R REIT were approximately $81.0 million.  H&R REIT, through its wholly owned subsidiary Primaris Management Inc. (\"Primaris\"), will remain the property manager and collect industry standard fees.  Cataraqui Shopping Centre is a regional enclosed shopping centre encompassing approximately 621,000 square feet anchored by Sears and Hudson's Bay.  Place du Royaume is a regional enclosed shopping centre encompassing approximately 603,000 square feet anchored by Walmart.\n\n\"The sale of a non-managing interest in these regional shopping centres further expands our successful relationship with Montez Corporation allowing us to leverage our management expertise while redeploying capital for accretive development opportunities within our portfolio,\" said Patrick Sullivan, Chief Operating Officer of Primaris Management Inc.  \n\nAbout H&R REIT\n\nH&R REIT is Canada's largest diversified real estate investment trust with total assets of approximately $14.5 billion at Septemb...