Canada's H&R REIT agrees to $4.81 billion breakup deal with GO Residential, Blackstone consortium
BX•Deal value and expected closing
The transaction values H&R at C$12.01 per trust unit, representing a 14.5% premium to the stock's last close.
As part of the deal, which is expected to close in the fourth quarter of 2026, GO Residential said it would acquire 27 H&R properties valued at about $2.8 billion. The purchase will be funded through the issuance of 134.2 million new units, $30 million in cash and the assumption of debt.
H&R agrees to breakup transaction
Aug. 11 (Reuters) - Canada's H&R Real Estate Investment Trust said on Tuesday it had agreed to a C$6.7 billion ($4.81 billion) breakup transaction, under which GO Residential REIT will acquire its U.S. residential portfolio and a group including Blackstone, PSP Investments, Crestpoint and entities tied to Chief Executive Tom Hofstedter will buy other assets.
H&R said the deal marks the conclusion of a multi-year effort to simplify its portfolio and sharpen its focus on residential real estate.
GO Residential to expand beyond New York
The transaction comes as the broader U.S. housing market faces pressure from weak consumer sentiment, persistent inflation and elevated interest rates.
GO Residential said the acquisition would expand its footprint beyond its core New York market into faster-growing U.S. Sun Belt regions, where job growth, population inflows and supportive housing policies are expected to support occupancy and earnings.
