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Canada  + Alberta & Prairies + Cross Border News + Maritimes + Ontario + Pacific Canada + Quebec  + Finance  | 

H&R Gains Toronto Tower Approval, Sells $277.68 of Canadian Assets

H&R REIT has received approval to develop a 65-storey, mixed-used tower in downtown Toronto.

If everything goes as planned, the tower will rank as one of Canada’s largest buildings of any kind.

The REIT said in its second-quarter earnings report that Toronto’s city council approved a rezoning application in July for 310 Front Street. The approval and a corresponding bylaw will take effect upon the completion of a statutory appeal period after the city notifies the public about the council’s decision.

Meanwhile, the REIT revealed that it sold $277.68 worth of Canadian assets during the second quarter. The largest deal comprised the April sale of a 974,000-square foot downtown Ottawa office tower, located at 160 Elgin Street, for $277 million.

In July, the REIT completed the sale of four Quebec retail properties for $68 million in gross proceeds.

Toronto-based H&R, which invests in Canada and the U.S., did not identify any of the buyers.


Inside The Story

H&R REITMonte Stewart

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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  • ◦Sale/Acquisition
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  • ◦Policy/Gov't
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