H&R Real Estate Investment Trust and H&R Finance Trust received final court and unit holder approval for their proposed internal reorganization.
The reorganization would create a new entity, H&R Finance 2017 Trust, which would effectively replace H&R Finance Trust in H&R REIT's stapled unit structure.
The Court of Queen's Bench of Alberta approved the reorganization, and unit holders of both trusts voted for the measure at joint special meetings Dec. 7. The measure was passed with roughly 99.8% of the votes.
The reorganization, which is expected to close in the 2018 first quarter, still requires an advance income tax ruling from the Canada Revenue Agency, among other customary closing conditions.
