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.