H&R REIT’s office investment era has moved closer to its end.
H&R announced that it has received $170 million in proceeds from a $180M vendor-takeback mortgage tied to its sale of 160 Elgin Street in Ottawa. The purchaser, Montreal-based Groupe Mach, provided a $10-million installment in July.
H&R is one of Canada’s largest REITs, with 28% of its $11.1 billion in assets weighted towards office. (As of June 30, 2023.)
H&R sold the 973,611-square-foot downtown Ottawa property to Mach for $277 million in April. The $180-million loan was a first mortgage. The REIT also provided Mach with a $30-million second vendor-takeback mortgage due to mature in 2028.
H&R said it will focus its investments on residential and industrial properties in Toronto, Montreal, Vancouver and high-growth U.S. sunbelt and gateway cities.
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.