TORONTO, Sept. 27, 2019 /CNW/ - H&R Real Estate
Investment Trust ("H&R") (TSX: HR.UN) announced today that its
wholly-owned subsidiary, H&R REIT (U.S.) Holdings Inc.,
together with its partners, has closed a U.S. $1 billion interest-only first mortgage financing
for Jackson Park (U.S. $500 million, at H&R's ownership
interest). H&R, together with its partners, entered into
an interest rate lock agreement securing a fixed annual interest
rate of 3.25% for the full 10-year term.
After repayment of Jackson Park's
existing construction facility and closing costs, H&R expects
to receive net proceeds of approximately U.S. $195 million which will be used to repay other
debt.
About H&R REIT
H&R REIT is one of Canada's
largest real estate investment trusts with total assets of
approximately $14.4 billion at
June 30, 2019. H&R REIT has
ownership interests in a North American portfolio of high quality
office, retail, industrial and residential properties comprising
over 41 million square feet.
Forward-looking Statements
Certain statements in this news release contain forward-looking
information within the meaning of applicable securities laws (also
known as forward-looking statements). These forward-looking
statements include, but are not limited to H&R's plans,
objectives, expectations and intentions and the use of and expected
proceeds from the permanent financing of Jackson Park. Such
forward-looking statements reflect H&R's current beliefs and
are based on information currently available to management. These
statements are not guarantees of future performance and are based
on H&R's estimates and assumptions that are subject to risks
and uncertainties, including those discussed in H&R's materials
filed with the Canadian securities regulatory authorities from time
to time, which could cause the actual results and performance of
H&R 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
H&R believes 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 H&R, except
as required by applicable law, assumes 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 is available at
www.hr-reit.com and on www.sedar.com.
SOURCE H&R Real Estate Investment Trust