Overview
Blackstone Inc. is reported to be in discussions with Canada’s H&R Real Estate Investment Trust regarding a possible acquisition, according to Bloomberg news citing sources familiar with the matter. The parties have not confirmed the talks, and Blackstone declined to comment while H&R did not respond to a request for comment.
Background
The current negotiations follow a failed takeover process last year that involved H&R, Blackstone, TPG Inc., and Crestpoint Real Estate Investments Ltd. No guarantee exists that the present discussions will result in a transaction.
H&R Real Estate Investment Trust Profile
As of 31 March, H&R managed assets totaling C$8.1 billion, equivalent to approximately $5.8 billion. Over recent years the REIT has been rebalancing its portfolio, reducing exposure to office and retail properties and increasing holdings in apartment and industrial assets across the United States and Canada. The company’s shares have generated a cumulative total return of roughly 13 % over the past ten‑year period.
Market Reaction
The news prompted a modest uptick in Blackstone’s share price, noted as BX+2.03 %, and a rise in H&R’s share price, noted as HR_u+8.58 %, reflecting investor interest in the potential deal.