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H&R REIT unitholders reject breakup deal after failed vote

By Reuters News

Nov 13 (Reuters) - Canada's H&R Real Estate Investment Trust HR_u.TO said on Friday its unitholders voted against a previously announced C$6.7 billion ($4.7 billion) breakup deal.

The deal, announced in August, was meant to close a multi-year effort to simplify H&R's portfolio and sharpen its focus on residential real estate.

  • H&R had agreed to the breakup deal, under which GO Residential REIT was to acquire its residential portfolio in the US, while a group including Blackstone and entities tied to H&R CEO Tom Hofstedter would buy the other assets

  • Unitholders rejected the deal at a special meeting on Friday, prompting H&R to terminate the arrangement with immediate effect

  • No termination fee would be payable to the consortium, it said

  • H&R will also back away from a proposed purchase of a 70% interest in two joint venture development properties owned by Lantower Residential Real Estate Development Trust that it announced in October

  • The company plans to reinstate monthly distributions, pursue asset sales and begin a board rejig that would include CEO succession planning

($1 = 1.43 Canadian dollars)

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