H&R REIT to be acquired by GOREIT and asset purchasers in C$6.7 billion deal

M&A · Partnership
โดย RTTNews·CA·Read original
Summary · why it matters

H&R Real Estate Investment Trust has agreed to be acquired by GO Residential Real Estate Investment Trust and a consortium of co-purchasers in a cash-and-unit transaction valued at approximately C$6.7 billion, including assumed debt. Under the court-approved plan of arrangement, H&R unitholders will receive C$4.28 per unit in cash plus 0.5688 GO REIT units per H&R unit, representing a total value of C$12.01 per H&R unit. The consortium includes funds affiliated with Blackstone Real Estate, Crestpoint Real Estate Investments, PSP Investments, and a company controlled by members of the family of Tom Hofstedter, CEO of H&R. The deal concludes H&R's multi-year strategy to simplify its portfolio and focus on high-quality residential assets, and gives H&R unitholders a 66.9% ownership stake in GO REIT on a pro forma basis. H&R units last closed at C$10.89 in Toronto.

Impact on stocks 1

Artificial Intelligence▲ · 1 stocks
Blackstone Group Inc
BX
▲ PositiveCapitalrelevance

Blackstone-affiliated funds are part of the acquiring consortium, benefiting from the deal.

Off-coverage companies 4

GO Residential Real Estate Investment TrustPrivate▲ Positive
Capitalrelevance

GO REIT is the acquirer, expanding its portfolio and scale through the transaction.

H&R Real Estate Investment TrustPrivate▲ Positive
Capitalrelevance

H&R REIT is being acquired at a premium, providing unitholders with immediate value.

Crestpoint Real Estate Investments Ltd.Private▲ Positive
Capitalrelevance

Crestpoint is part of the consortium, participating in the acquisition.

Public Sector Pension Investment BoardPrivate▲ Positive
Capitalrelevance

PSP Investments is a co-purchaser in the acquisition, gaining exposure to the combined entity.

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