H&R REIT (TSX:HR.UN) sold an industrial property and a parcel of land held for development in Ontario for CAD 22.7 million in the quarter ending December, 2012.

H&R REIT (TSX:HR.UN) acquired 50% stake in 84,100 square foot retail property in Thunder Bay for CAD 1.4 million in fourth quarter of 2012.

Riocan Real Estate Investment Trust (TSX:REI.UN) entered into an agreement to acquire South Cambridge Centre in Cambridge, Ontario from H&R REIT (TSX:HR.UN) for CAD 54.7 million on February 14, 2013. In connection with the purchase, RioCan will assume the in place mortgage financing of CAD 19.7 million which carries an interest rate of 5.5% maturing in June 2016 and pay CAD 35 million in cash. The transaction is subject to successful completion of the H&R REIT and KingSett ... Capital led consortium's acquisition of Primaris.
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H&R REIT (TSX:HR.UN) and H&R Finance Trust entered into definitive agreement to acquire Primaris Retail Real Estate Investment Trust (TSX:PMZ.UN) from KingSett Real Estate Growth LP No. 5, a fund of KingSett Capital Inc., Ontario Pension Board, Credit Suisse and others for CAD 2.7 billion on January 16, 2013. Under the terms of agreement, H&R will acquire Primaris for a combination of cash and H&R stapled units. Shareholders of Primaris will be entitled to elect to receive ... 1.13 stapled units of H&R, substantially all of which would be received on a tax-deferred basis or CAD 28 cash per unit, subject to a maximum cash amount of CAD 700 million. If the maximum cash is elected, it will represent approximately 25% of the total consideration. In the event that Primaris unit holders elect more cash than is available, the cash consideration will be prorated among those unit holders electing cash, with the balance of the consideration being settled in H&R stapled units on the basis of the 1.166 exchange ratio. Before closing, holders of Primaris convertible debentures will be entitled to convert their debentures in accordance with their terms and participate in the arrangement on the same basis as other unit holders. H&R is entitled to CAD 106.6 million break fees in certain circumstances, including the acceptance by Primaris of an unsolicited superior proposal from a third party. The break fee is structured as a cash payment of CAD 70 million and an option to acquire Dufferin Mall and certain Yonge Street from Primaris, priced at an aggregate CAD 36.6 million. The transaction is subject to the approval of 66.6% Primaris units voted at a special meeting of Primaris unit holders and a 50.1% majority of H&R units voted at a special meeting of H&R unit holders. The deal is also subject to obtaining conditional approval to the listing of the H&R REIT Units and the H&R Finance Trust Units, regulatory approvals, including the Competition Act of Canada, court approvals, lender consents, dissenters’ rights limited and other customary closing conditions. The transaction has been unanimously approved by the Boards of Trustees of Primaris and H&R and they recommend unit holders to vote in favor of the transaction. The Board of Trustees of Primaris appointed an independent committee for the transaction. Trustees and senior executive management of Primaris have agreed to support the transaction by voting their units in favor of the transaction. The transaction is expected to close by late March 2013. The transaction is expected to be accretive to FFO. As on February 5, 2013, the terms of the transaction were amended. Under the new terms of agreement, H&R will acquire Primaris for a combination of cash and H&R stapled units. Shareholders of Primaris will be entitled to elect to receive 1.66 stapled units of H&R. As on March 19, 2013, some changes were made in the agreement. H&R REIT will now acquire St. Albert Centre which previously was sold by Primaris subsidiary to KS Acquisition II LP, certain amendments were also made. The changes will not affect the consideration payable to Primaris. As of March 22, 2013, unit holders approved the transaction. Court of Queen's Bench of Alberta has also approved the transaction. The transaction is now expected to close on or about April 4, 2013. Canaccord Genuity acted as financial advisor and fairness opinion provider and Evercore Partners acted as financial advisor while Graham Gow and Robert Hansen of McCarthy Tétrault LLP acted as legal advisor for the independent committee of Primaris. Frank DeLuca of Cassels Brock & Blackwell LLP acted as legal advisor for Primaris. Michael Gans and Markus Viirland of Blake, Cassels & Graydon LLP acted as legal advisor for H&R. Peter Block and Jennifer Lee of National Public Relations acted as public relations advisors in the transaction. TD Securities Inc. acted as financial advisor and Bennett Jones LLP and Osler, Hoskin & Harcourt LLP acted as legal advisors to KingSett. CIBC World Markets, Inc. acted as financial advisor for Primaris Retail Real Estate Investment Trust.
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H&R REIT (TSX:HR.UN) acquired The Shoppes at Mission Trace from HP Mission Trace Properties LLC for $8.9 million in cash on January 2, 2013. Cliff Taylor of CBRE Private Capital Group acted as advisory role for HP Mission Trace Properties LLC.

H&R REIT (TSX:HR.UN) acquired Granada Plaza from Odyssey DP I, LLC for $10.8 million on December 18, 2012. H&R REIT is assuming exiting life insurance company financing. Danny Finkle and Luis Castillo of HFF represented Odyssey DP.

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