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H&R REIT to sell its stake in Scotia Plaza
H&R REIT to sell its stake in Scotia Plaza H&R REIT to sell its stake in S...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nH&R REIT to sell its stake in Scotia Plaza\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 its stake in Scotia Plaza\nCanada NewsWire\nTORONTO, June 20, 2016\n\n\n\nTORONTO, June 20, 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 H&R's freehold and leasehold interests in Scotia Plaza and 100 Yonge Street (collectively, \"Scotia Plaza\") for approximately $438.3 million. The purchaser will be assuming H&R's share of the existing financing on the properties and there will be no mark-to-market adjustment to the purchase price.  H&R expects to receive net proceeds of approximately $229 million before closing costs and adjustments.\n\nH&R will use the proceeds to repay debt, including the $180 million in unsecured debentures maturing in July 2016. After such repayment, H&R's proforma debt to total asset ratio is expected to improve to 45.5% from 46.4% at March 31, 2016.\n\nClosing is expected to occur on or about June 30, 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 $14.6 billion as at March 31, 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 47 million square feet.\n\nH&R Finance Trust is an unincorporated investment trust, which primarily invests in notes issued by a U.S. corporation which is a subsidiary of H&R REIT. The current note receivable balance is U.S. $220.4 million. In 2008, H&R REIT completed an internal reorganization which resulted in each issued and outstanding H&R REIT unit trading together with a unit of H&R Finance Trust as a \"Stapled Unit\" on the Toronto Stock Exchange.\n\nForward-looking Statements\n\nCertain statements in this news release contain forward-look...