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H&R REIT to sell 50% of TransCanada Tower in Calgary to HOOPP
H&R REIT to sell 50% of TransCanada Tower in Calgary to HOOPP H&R REIT to ...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nH&R REIT to sell 50% of TransCanada Tower in Calgary to HOOPP\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 to sell 50% of TransCanada Tower in Calgary to HOOPP\nCanada NewsWire\nTORONTO, Oct. 6, 2016\n\n\n\nTORONTO, Oct. 6, 2016 /CNW/ - H&R Real Estate Investment Trust (\"H&R\") (TSX: HR.UN; HR.DB.D; HR.DB.E; HR.DB.H) has, subject to customary conditions, entered into an agreement to sell a 50% non-managing interest in the TransCanada Tower in Calgary to HOOPP Realty Inc., a wholly-owned subsidiary of the Healthcare of Ontario Pension Plan (\"HOOPP\") for approximately $257.4 million which equates to a 5.15% capitalization rate on current net operating income.  The property has almost doubled in value since its construction by H&R in 2001.   \n\nUse of proceeds will be to repay debt, including the existing mortgage of $82.1 million.  H&R's proforma debt to total asset ratio is expected to improve to 44.2% from 45.8% at June 30, 2016.  H&R's unencumbered pool of assets is expected to grow to $2.6 billion while total unsecured debt is expected to decrease to $1.3 billion, resulting in a 2.0 times unencumbered asset coverage ratio.  \n\nH&R's President and CEO, Thomas Hofstedter, said:  \"We are pleased to be partnering with HOOPP, one of Canada's premier pension funds and look forward to the beginning of a successful and long-term relationship.  The selling price and capitalization rate of this property validates our strategy of acquiring high quality properties leased long-term to creditworthy tenants.\" \n\nClosing is expected to occur in November 2016.\n\nAbout H&R REIT and H&R Finance Trust\n\nH&R REIT is Canada's largest diversified real estate investment trust with total assets of approximately $14.5 billion at June 30, 2016. H&R REIT is a fully internalized real estate investment trust and has ownership interests in a North American portfolio of high quality office, retail, industrial and residential properties comprising over 46 million square feet.\n\nH...