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H&R REIT selling half stake in Canadian Tower for C$257M

H&R Real Estate Investment Trust signed a deal to sell a 50% nonmanaging interest in the TransCanada Pipeline Tower in Calgary, Alberta, for approximately C$257.4 million.

The stake is being sold to HOOPP Realty Inc., which is a wholly owned unit of Healthcare of Ontario Pension Plan. The company said the deal price equates to a 5.15% capitalization rate on current NOI.

The transaction is expected to close in November. H&R said the property's value has nearly doubled since the company built it in 2001.

The proceeds from the sale will be used to repay debt, including the building's existing C$82.1 million mortgage.