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H&R REIT has completed the sale of a Toronto downtown waterfront office building to George Brown College and Halmont Properties for $232.5 million.

H&R Completes, Negotiates C$411.7M in Canadian, U.S. Asset Sales

H&R REIT has completed and negotiated C$411.7 million worth of Canadian and U.S. office and industrial property sales in recent weeks.

Toronto-based H&R announced that it has closed on the previously announced C$232.5-million sale of its waterfront office building in downtown Toronto. H&R agreed in December to sell the 480,000-square-foot property, known as Corus Quay, to George Brown College and its equity partner Halmont Properties.

The deal will enable GBC to create a consolidated campus.

During the first quarter of 2024, H&R sold its 50% stake in four Canadian non-core industrial assets for C$17.2 million and full ownership of two U.S. automotive-tenanted properties for US$7.7 million.

H&R also agreed to sell its 50% interest in one Canadian industrial property and one U.S. industrial asset for C$60.7 million and US$6.3 million in gross proceeds, respectively.

H&R also announced that it has agreed to sell its 50% interest in a Burnaby, B.C., office building to Crestpoint for C$82.5 million. The 671,000-square-foot asset is located at 3777-3791 Kingsway near the Burnaby-Vancouver boundary.

Crestpoint has agreed to assume a $25.1 million mortgage from H&R. The sale is expected to close in May.

The Toronto and Burnaby deals are part of H&R’s effort to divest all of its office assets.

“These office sales further our strategic repositioning plan and [move] H&R REIT closer to achieving our portfolio-simplification strategy goals,” said Tom Hofstedter, H&R’s executive chairman and CEO.

Pictured: H&R REIT’s former Corus Quay office property in downtown Toronto.


Inside The Story

H&R REITGeorge Brown College

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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