H&R REIT has confirmed it is reviewing strategic alternatives, including a possible sale of the trust or most of its assets.

The REIT said its board of trustees formed a special committee of independent members in February after receiving an unsolicited expression of interest. Since then, the committee has received additional proposals and is currently considering confidential, non-binding offers from several interested parties.

The special committee is being advised by National Bank Financial and Fasken Martineau Dumoulin. The REIT itself is being advised by CIBC Capital Markets and Blake, Cassels & Graydon.

“No decision has been made as to whether the REIT should proceed with a potential transaction, nor has any agreement been reached with a counterparty, and there can be no assurance that the special committee’s process will result in any potential transaction or any other alternative transaction,” the REIT stated.

H&R, which holds a portfolio of residential, industrial, office and retail assets in Canada and the U.S., said it remains committed to its long-term strategy focused on residential and industrial growth, and will only pursue a transaction if it is in the best interests of the REIT.

H&R is among many REITs that are trying to boost unit prices to align them with asset values. The REIT’s unit price increased upon news of the possible sale.

Pictured: H&R office buildings in downtown Toronto.

Photo: Google Street View