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TORONTO,
April 4,
2023 /CNW/ - H&R Real Estate Investment
Trust ("H&R") (TSX: HR.UN) today acknowledges
receipt from unitholder K2 Principal Fund L.P. ("K2") of
notification that K2 intends to nominate four trustee nominees to
stand for election at the next meeting of unitholders. H&R is
reviewing the contents of K2's communication and will provide
voting recommendations to unitholders in due course. There is no
action for unitholders to take at this time.
Over the past several months, H&R has
constructively engaged with K2 regarding the best path for
increasing H&R unitholder value. In these conversations K2 has
expressed support for H&R's strategy. On March 13, H&R announced the appointment of
industry veteran Donald Clow to the
Board of Trustees, where he was appointed Independent Lead Trustee.
Mr. Clow's appointment was another milestone in a board renewal
process that began in 2017, with all six of the REIT's independent
trustees having joined the Board within the last three years.
H&R remains willing to continue to engage
with K2 in good faith, as it does with all unitholders. However, it
will not put K2's shorter-term interests ahead of the longer-term
interests of other unitholders.
H&R has engaged Blake, Cassels & Graydon
LLP as its legal advisor, Laurel Hill Advisory Group as unitholder
communications advisor and Longview Communications and Public
Affairs as its strategic communications advisor, and will provide
further updates if developments warrant.
About H&R REIT
H&R REIT is one of Canada's largest real estate investment trusts
with total assets of approximately $11.4
billion as at December 31,
2022. H&R REIT has ownership interests in a North
American portfolio comprised of high-quality residential,
industrial, office and retail properties comprising over 28.7
million square feet.
Additional information regarding H&R REIT is
available at www.hr-reit.com and on www.sedar.com
SOURCE H&R Real Estate Investment Trust