Diversified real estate investment trust H&R Real Estate Investment Trust wrapped up the sale of almost all of its U.S. retail properties for roughly US$620.4 million.
The transaction involves 62 of H&R REIT's retail properties in the United States, apart from 16 gas and convenience stores and one grocery-anchored center in Florida, which is under contract to be sold to the center's leading tenant for US$12.6 million.
The proceeds from the sale will be used partly to repay US$205.3 million of mortgage debt on the assets. The balance of the proceeds will be used to settle debt and finance the Lantower Residential purchases.
