February 25th, 2024

H&R REIT selling downtown Toronto waterfront property for $232.5 million

By The Canadian Press on December 13, 2023.

H&R Real Estate Investment Trust has signed a deal to sell a downtown Toronto property to George Brown College and Halmont Properties Corp. $232.5 million. The property, shown in this June 22, 2018 file photo, is substantially leased to Corus Entertainment. THE CANADIAN PRESS/Tijana Martin

TORONTO – H&R Real Estate Investment Trust has signed a deal to sell a downtown Toronto property to George Brown College and Halmont Properties Corp. for $232.5 million.

The property at 25 Dockside Dr. is located on the city’s waterfront and is substantially leased to Corus Entertainment.

The real estate trust says net proceeds from the sale will be about $168.0 million and is expected to be used to repay debt and fund its current developments.

H&R also says it will pay a special distribution of 62 cents per unit including 52 cents that will be payable in units and 10 cents in cash.

It says the special distribution is principally being made to distribute to unitholders the taxable income realized by the REIT from transactions in 2023.

Following the special distribution, the units of the REIT will be consolidated so that unitholders will hold the same number of units as before the special distribution. It says the amount of the special distribution payable in units will increase the tax cost basis of unitholders’ consolidated units.

This report by The Canadian Press was first published Dec. 13, 2023.

Companies in this story: (TSX:HR.UN)

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