TORONTO — H&R Real Estate Investment Trust says it is selling 63 U.S. retail properties for about $810 million with plans to reinvest some of the proceeds to grow its Lantower Residential division.<\/p>\n
The sale includes all of H&R REIT’s remaining retail properties in the United States, other than 16 gas stations and convenience stores.<\/p>\n
CEO Thomas Hofstedter says the sales will allow the Toronto-based company to streamline its focus and enhance the quality and growth profile of its portfolio.<\/p>\n
He says H&R’s Lantower Residential division, set up three years ago to buy and manage multi-family communities in the U.S., has grown to about 15 per cent of its real estate assets today.<\/p>\n
H&R plans to use about $264 million of the proceeds to retire mortgage debt and devote the rest to Lantower acquisitions and repurchasing units from investors under its normal course issuer bid.<\/p>\n
In November, H&R announced plans to sell all 79 of its wholly owned U.S. retail properties.<\/p>\n","protected":false},"excerpt":{"rendered":"
TORONTO — H&R Real Estate Investment Trust says it is selling 63 U.S. retail properties for about $810 million with plans to reinvest some of the proceeds to grow its Lantower Residential division. The sale includes all of H&R REIT’s remaining retail properties in the United States, other than 16 gas stations and convenience stores. […]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/9466"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=9466"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/9466\/revisions"}],"predecessor-version":[{"id":9468,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/9466\/revisions\/9468"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=9466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=9466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=9466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}