Canada’s H&R REIT has created a real estate development trust to expedite the development of two Florida multi-family projects valued at US$210 million.

Toronto-based H&R is looking to raise up to US$52 million through an IPO. Lantower Residential Real Estate Development Trust (REDT) aims to develop 601 residential units altogether.

H&R is developing the projects through its U.S.-based subsidiary Lantower Residential, which focuses on U.S. multi-family real estate. The REIT expects to acquire the properties after they are developed, said Thomas Hofstedter, H&R’s executive chairman and CEO, in a news release.

H&R expects to own 42.7% to 29.1% of the projects, depending on the IPO outcome. The REDT is being offered at a price of C$10 and US$10 per unit, subject to different investment-unit classifications.

The two projects are located in Largo, Fla., part of the Tampa region, and Kissimmee, Fla., within the Orlando market.

The 261,000-square-foot Largo project is slated to comprise one building that stands four storeys and contains 271 units on 8.4 acres of land. The Kissimmee development will comprise a pair of four-storey buildings that span 342,000 square feet, with 330 suites on 17.2 acres.

H&R has agreed to provide two land parcels for the projects and invest up to an additional US$10 million if the minimum IPO offering size of US$42 million is achieved.

Toronto-based CIBC World Markets is serving as the sole agent for the IPO.