Business
H&R REIT Provides Update on Property Sales Further Advancing its Strategic Repositioning Plan
H&R REIT Provides Update on Property Sales Further Advancing its Strategic Repositioning Plan...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n H&R REIT Provides Update on Property Sales Further Advancing its Strategic Repositioning Plan\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; FONT-SIZE: 8PT; FONT-FAMILY: ARIAL; COLOR: BLACK; MARGIN:0em; 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 Provides Update on Property Sales Further Advancing its Strategic Repositioning Plan\n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n April 16, 2024\n \n /CNW/ - H&R Real Estate Investment Trust (\"H&R\" or \"the REIT\") (TSX: HR.UN) is pleased to announce it has closed the previously announced sale of 25 Dockside Drive, located directly on the waterfront in downtown\n \n Toronto\n \n , for\n \n $232.5 million\n \n .\n \n \n During Q1 2024, H&R sold its 50%  ownership interest in four non-core industrial properties for gross proceeds of  approximately  $17.2 million and sold two U.S. automotive-tenanted properties for U.S.\n \n $7.7 million\n \n . H&R has also entered into agreements to sell its 50% interest in one Canadian industrial property and one U.S. industrial property. Gross proceeds from the Canadian industrial property sale is expected to be\n \n $60.7 million\n \n , at H&R's ownership interest, and closing is expected to occur in Q3 2024. Gross proceeds from the U.S. industrial sale is expected to be U.S.\n \n $6.3 million\n \n and closing is expected to occur in Q2 2024.\n \n \n H&R is also pleased to announce that it has entered into an agreement to sell its 50% ownership interest in 3777/3791 Kingsway,\n \n Burnaby, BC\n \n (the \"Kingsway Property\") for $82.5 million to Crestpoint Real Estate Investments Ltd. (\"Crestpoint\"), the current co-owner of the Property. The Kingsway Property comprises 671,555 square feet o...