Business
H&R REIT Is Pleased to Announce Completion of the Primaris Transaction
TORONTO, April 4, 2013 /CNW/ - H&R Real Estate Investment Trust ("H&R" or "H&R ...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, April 4, 2013 /CNW/ - H&R Real Estate Investment Trust (\"H&R\"\n or \"H&R REIT\") (TSX: HR.UN) and Primaris Retail Real Estate Investment\n Trust (\"Primaris\") (TSX: PMZ.UN) today announced that H&R has completed\n its previously announced acquisition of Primaris. As part of the\n transaction, a KingSett Capital-led consortium, which consists of\n certain KingSett Capital managed funds, Ontario Pension Board and\n RioCan REIT, acquired 17 Primaris properties pursuant to separate\n purchase agreements between Primaris and the consortium members. H&R\n then acquired Primaris and its remaining 27 properties.\n\n\nTransaction Details\n\n\nUnitholders who elected cash for their Primaris units are entitled to\n $28 cash per Primaris unit for approximately 55% of their Primaris\n units and 1.166 H&R stapled units per Primaris unit for the balance. \n All other former Primaris unitholders are entitled to 1.166 H&R stapled\n units for each Primaris unit.  H&R delivered an aggregate of\n approximately 62.1 million stapled units pursuant to the transaction1.\n\n\nAs a result of the transaction, H&R has acquired a $3.1 billion portfolio of 27 shopping centres. A complete list of the acquired properties is appended\n to this release. H&R expects to complete its previously announced sale\n of South Cambridge Centre in Cambridge, Ontario to RioCan for $35\n million on April 5, 2013.\n\n\nIn connection with the transaction, holders of approximately 2.1 million\n exchangeable units of certain subsidiaries of Primaris now hold an\n equal number of exchangeable units of certain subsidiaries of H&R each\n of which are exchangeable for 1.166 H&R stapled units. Similarly, the\n 6.75% (remaining aggregate principal amount outstanding $1,220,000),\n 6.30% (remaining aggregate principal amount outstanding $7,726,000),\n and 5.40% (remaining aggregate principal amount outstanding\n $74,963,000) convertible debentures issued by Primaris (TSX: PMZ.DB,\n PMZ.DB.B, PMZ.DB.C) have been assumed by H&R and are now convertible\n into H&R stapled units at previously announced conversion ratios (new\n ticker symbols TSX: HR.DB.F, HR.DB.G, HR.DB.H respectively).  H&R\n intends to promptly deliver to CIBC Mellon Trust Company, as trustee\n for its 6.75% and 6.30% conver...