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H&R REIT gets approval for normal course issuer bid

H&R Real Estate Investment Trust received Toronto Stock Exchange approval for its normal course issuer bid, under which the REIT can purchase up to 15.0 million units for cancellation, representing roughly 5.35% of its public float as of Dec. 1.

The normal course issuer bid will start on Dec. 17 and remain in effect until the earlier of Dec. 16, 2019, or the date on which H&R has purchased the maximum number of units allowed under the facility.

The units will be purchased on the open market and daily purchases will be limited to 149,577 units, other than block purchase exemptions.

The REIT repurchased 7,364,840 stapled units at a weighted average price of C$20.67 per unit under its previous normal course issuer bid, which expired on Aug. 14.