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H&R REIT has created a real estate development trust to develop two Florida multi-family properties.

Canada’s H&R Creates Development Trust for Two Florida Projects

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.


Inside The Story

H&R REITLantower Residential

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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