PSP, Crestpoint to buy stakes in H&R industrial properties for $731 mln
H&R Real Estate Investment Trust (TSX: HR) has agreed to sell a 50 percent interest in its Canadian industrial properties and a 49.5 percent interest in its U.S. industrial properties to the Public Sector Pension Investment Board (PSP) and Crestpoint Real Estate Investments, an affiliate of Connor, Clark & Lunn Financial Group. The total purchase price is around $731 million. The deals, which are expected to close in two tranches in December 2014 and February 2015, will see the Toronto-based H&R remain the property manager.
3 December 2014•5 mins read
