H&R Real Estate Investment Trust (TSX: HR.UN) has entered into an arrangement agreement with GO Residential Real Estate Investment Trust and 1001700058 Ontario Inc., representing a consortium of co-purchasers including Blackstone Real Estate, Crestpoint Real Estate Investments, the Public Sector Pension Investment Board, and a company controlled by the family of Tom Hofstedter, H&R's Executive Chairman and CEO.
The agreement involves the acquisition of all H&R assets through a court-approved plan of arrangement under the Business Corporations Act (Alberta).
The transaction is valued at approximately $6.7 billion, with H&R unitholders set to receive $4.28 in cash and 0.5688 GO REIT units per H&R unit, equating to $12.01 per H&R unit based on GO REIT's closing price on the TSX and the exchange rate on August 10, 2026.
The deal is anticipated to be finalized in the fourth quarter of 2026.
"This Transaction delivers immediate cash and GO REIT unit consideration at a meaningful premium and establishes H&R unitholders as significant partners in a larger, stronger, pure-play residential platform with considerable upside potential. Following last year's exhaustive and independent review of H&R's strategic alternatives, the Independent Trustees are confident this Transaction represents the best path forward for our unitholders," said Stephen Gross, Independent Lead Trustee, H&R.