M&ANorth America
H&R REIT unitholders vote down breakup that would have sent its U.S. apartments to GO Residential
Unitholders of Canada's H&R REIT rejected a plan to break up the trust, under which GO Residential REIT would have taken its U.S. apartment portfolio and a consortium including Blackstone and PSP Investments would have bought some industrial assets, Bisnow reported. Opposition focused on a part of the deal that would have sold assets with an accounting value of about C$1.98 billion to CRAL, a company controlled by family members of CEO Tom Hofstedter, and five pension funds including CalSTRS had said they would vote against it. H&R will remain public, keep selling assets, replace up to four directors and drop its planned purchase of a 70% stake in two Lantower developments.
Bisnow ·