H&R Real Estate Investment Trust announced today that it has reached a deal valued at $1.67 billion for the Bow located in Calgary, Bell Campus in Mississauga, and the sale of an ownership interest to affiliates of Oak
Street Real Estate Capital.
The total real estate is 2.0 million square feet.
“Today’s announcement is evidence of our commitment to our strategic repositioning and is a critical step forward on our path to achieving a more simplified structure”, said Thomas Hofstedter, President & CEO of H&R. “We appreciate the patience and support of our unitholders as we continue to pursue opportunities to further enhance the value of our units.”
The Bow tower is located at 500 Centre Street South and was valued at $1,216,000,000, while the Bell Campus in Mississauga is valued at $457,000,000.
H&R retains an option to repurchase 100% ownership interest in the land and building of the Bow for $368
per square feet, being 60% of the total Bow Transaction value.
Of course, with any deal this size, the sales are subject to customary closing conditions, with closing targeted to be Q3-Q4 2021.