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Canada  + Cross Border News  + Finance  | 
Corus Quay Building in Toronto.

H&R Debenture Sale Raises $250M

H&R REIT has raised $250 million through an unsecured debenture offering.

Toronto-based H&R had previously agreed with an agent syndicate co-led and bookrun by CIBC World Markets, Scotia Capital and National Bank Financial to sell the Series T debentures on a private placement “best efforts” agency basis. 

The syndicate included BMO Capital Markets, RBC Dominion Securities and TD Securities.

The debentures were issued for $100 per principal amount, carry a coupon rate of 5.457% and will mature on February 28, 2029. 

“The net proceeds of the offering will be used for the repayment of outstanding indebtedness and for general trust purposes,” said H&R in a news release.

H&R ranks among Canada’s largest REITs with $10.8 billion in assets. The REIT’s portfolio holds North American residential, industrial, office and retail properties spanning approximately 26.9 million square feet. 

H&R plans to sell its office and retail properties and become a leading owner, operator and developer of residential and industrial properties within Toronto, Montreal, Vancouver and high-growth U.S. sunbelt and gateway cities.

In December, H&R sold a downtown Toronto waterfront office building to George Brown College for $232.5 million.

Pictured: Former H&R office building in downtown Toronto


Inside The Story

H&R REITCIBC World Markets

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.

  • ◦Sale/Acquisition
  • ◦Development
  • ◦Financing
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