Canada
H&R Selling Downtown Toronto Office Building to GBC for $232.5M
H&R REIT has agreed to sell a Toronto downtown waterfront office building to George Brown College and Halmont Properties for $232.5 million.
The deal, expected to close in April 2024, furthers H&R’s repositioning effort, said Tom Hofstedter, the REIT’s executive chairman and CEO, in a news release.
The REIT plans to divest its office assets and focus on residential and industrial property investments in Canada and the U.S.
George Brown College said it will use the 480,000-square-foot property, known as Corus Quay, to create a consolidated waterfront campus. A current GBC campus is adjacent to the property. Halmont is the college’s equity partner.
The sale price is above the property’s September 30 valuation of $225 million. H&R expects to receive $168 million in net proceeds and use them to repay debt and fund current developments.
This year, H&R has sold 12 non-core properties for $432.9 million altogether. The REIT’s 2023 properties sold, or under contract to be sold, total $665.4, exceeding its disposition goal of $600 million.
- ◦Sale/Acquisition
- ◦Development
- ◦Financing
