Miller Thomson Advises H&R REIT on $6.7 Billion Sale to GO Residential REIT and a Consortium of Purchasers

Counsel to H&R Real Estate Investment Trust in connection with its C$6.7 billion sale to GO Residential REIT and a consortium of purchasers

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Miller Thomson advises the Independent Trustees and H&R Real Estate Investment Trust (“H&R”) (TSX: HR.UN) in connection with the C$6.7 billion sale of all of H&R’s assets, including the assumption of certain debt in one of Canada’s most notable real estate transactions of the year. The assets will be acquired by GO Residential Real Estate Investment Trust (“GO Residential REIT”) (TSX: GO.U) and a consortium of purchasers comprised of funds affiliated with Blackstone Real Estate, Crestpoint Real Estate Investments Ltd., the Public Sector Pension Investment Board and a company controlled by family members of Tom Hofstedter, Executive Chairman and Chief Executive Officer of H&R.

The transaction will be implemented by way of a statutory plan of arrangement under the Business Corporations Act (Alberta). Under the terms of the arrangement, H&R unitholders will receive consideration consisting of C$4.28 in cash and 0.5688 GO Residential REIT units for each H&R unit held, representing a value of C$12.01 per H&R unit based on the closing price of GO Residential REIT on the Toronto Stock Exchange on August 10, 2026, and implying an equity value of approximately C$3.4 billion. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

H&R is one of Canada’s largest real estate investment trusts, with a diversified portfolio of properties across multiple asset classes in Canada and the United States.

Following completion of the transaction, GO Residential REIT is expected to be the second-largest publicly listed residential REIT on the TSX by enterprise value, with a portfolio of over 13,300 residential suites across eight markets and four states.

Miller Thomson LLP is acting for H&R with a team led by Lawrence Wilder, Adam Kline and Florind Polo and comprised of Brandon Meyer, Sam Kelley, Wendy Wang, Calvin Wang (Corporate/M&A), Daniel Lang (Tax), David Reynolds (Banking and Financial Services), Devin Persaud (Competition/Antitrust), and Tamara Farber (Environmental) along with the assistance of Abbigail Barrette and Tomas Vine (Articling Students).