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TORONTO, Dec. 15, 2017 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT" or "H&R") and
H&R Finance Trust ("H&R Finance Trust" and, together
with H&R REIT, the "Trusts") (TSX: HR.UN and HR.DB.D)
have announced today that they have received a final order from the
Court of Queen's Bench of Alberta
approving the internal reorganization (the "Reorganization")
which was previously announced by the Trusts in a press release
dated October 19, 2017.
The Trusts also announced that the required approvals from
unitholders of the Trusts (the "Unitholders") were received
at the joint special meetings of Unitholders held on December 7, 2017. The Reorganization was approved
by approximately 99.8% of the votes cast by Unitholders.
The Reorganization remains subject to the receipt by the Trusts
of an advance income tax ruling from the Canada Revenue Agency in
form and substance satisfactory to the Trusts and other customary
closing conditions. The Reorganization is expected to close in the
first quarter of 2018.
For more information on the Reorganization, please see the
management information circular of the Trusts dated October 31, 2017 (the "Circular"), which
is available at www.sedar.com
About H&R REIT and H&R Finance Trust
H&R REIT is Canada's
largest diversified real estate investment trust with total assets
of approximately $14.0 billion at
September 30, 2017. H&R REIT is a
fully internalized real estate investment trust and has ownership
interests in a North American portfolio of high quality office,
retail, industrial and residential properties comprising over 46
million square feet.
H&R Finance Trust is an unincorporated investment trust,
which primarily invests in notes issued by a U.S. corporation which
is a subsidiary of H&R REIT. The current note receivable
balance is U.S.$223.9 million. In
2008, H&R REIT completed an internal reorganization which
resulted in each issued and outstanding H&R REIT unit trading
together with a unit of H&R Finance Trust as a "Stapled Unit"
on the Toronto Stock Exchange.
Forward-looking Statements
Certain statements in this news release contain forward-looking
statements within the meaning of applicable securities laws (also
known as forward-looking statements). These forward-looking
statements include, but are not limited to the Trusts' plans,
objectives, expectations and intentions, including the expected
completion date of the Reorganization. Such forward-looking
statements reflect the Trusts' current beliefs and are based on
information currently available to management. These statements are
not guarantees of future performance and are based on the Trusts'
estimates and assumptions that are subject to risks and
uncertainties, including those set forth in the Circular and
H&R REIT's materials filed with the Canadian securities
regulatory authorities from time to time, which could cause the
actual results and performance of the Trusts to differ materially
from the forward-looking statements contained in this news release.
Although the forward-looking statements contained in this news
release are based upon what the Trusts believe are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. All
forward-looking statements in this news release are qualified by
these cautionary statements. These forward-looking statements are
made as of today and the Trusts, except as required by applicable
law, assume no obligation to update or revise them to reflect new
information or the occurrence of future events or
circumstances.
Additional information regarding H&R REIT and H&R
Finance Trust is available at http://www.hr-reit.com and on
www.sedar.com.
SOURCE H&R Real Estate Investment Trust