H&R REIT confirms strategic review, units up more than 10%

H\&R Real Estate Investment Trust has confirmed it is examining strategic alternatives after receiving an unsolicited expression of interest. This announcement came from a special committee of independent trustees that H&R’s board formed in February 2025 to carefully assess possible offers.

Following that initial proposal, the special committee has received more non-binding offers from various interested parties. The committee has enlisted National Bank Financial and Fasken Martineau Dumoulin LLP as independent financial and legal advisers, while CIBC Capital Markets and Blake Cassels & Graydon LLP continue serving as H&R’s general advisors.

Despite these discussions, no decision has been made. H&R stated that neither it nor the special committee has agreed to any transaction. The trust emphasized there’s no guarantee the process will lead to a sale or another type of deal. The timing, structure and terms remain uncertain.

Investors responded swiftly: H&R’s units jumped by more than 10 per cent after the announcement, a clear sign the market reacted positively to the news.

H\&R’s portfolio is sizable and varied, with approximately $10.5 billion in assets as of March 31, 2025. The trust owns a mix of residential, industrial, office, and retail properties across Canada and the U.S., covering over 25.6 million square feet.

While H&R explores these strategic options, the trust also reaffirmed confidence in its long term plan. That includes focusing more on residential and industrial properties and selling off its office and retail holdings when market conditions allow.