- GO Residential-led group has agreed to acquire H&R REIT for C$6.7 billion, marking a significant breakup deal that will split its portfolio among multiple buyers.
- The H&R board has unanimously recommended the transaction after an exhaustive strategic review.
- GO Residential will acquire U.S. residential assets, while other buyers will take on Canadian industrial and non-core assets.
- The deal is expected to close in late Q4 2026, at which point H&R will be de-listed from TSX and GO REIT will introduce a Canadian-dollar listing.
- H&R REIT has undergone years of restructuring, shifting its focus from office and retail properties to residential and industrial assets.
A consortium led by GO Residential has reached a C$6.7 billion ($4.81 billion) agreement to acquire H&R REIT, marking a significant shift in the Canadian real estate landscape.135
The deal will see H&R's assets divided among various buyers, with GO Residential acquiring its U.S. residential portfolio, which includes 27 properties valued at about $2.8 billion.
H&R unitholders will receive $4.28 per unit in cash plus 0.5688 GO REIT units per H&R unit, totaling $12.01 per H&R unit, a 14.5% premium to the stock's last close.
The transaction is expected to close in late Q4 2026, pending approvals, and will result in H&R being de-listed from the TSX.4
GO Residential will expand its footprint into the U.S. Sun Belt, acquiring properties in regions experiencing job growth, population inflows, and supportive housing policies.
The new entity will be led by GO REIT's current executive team, including Josh Gotlib as CEO.
Blackstone will acquire some of H&R's Canadian industrial properties, while Crestpoint and PSP Investments will take over properties in which they already have co-ownership interests.
This acquisition concludes H&R's multi-year effort to simplify its portfolio and focus on residential real estate.
“The deal values H&R at C$12.01 per unit, a 14.5% premium, and will create Canada's second-largest publicly traded residential REIT. GO REIT will acquire 27 H&R properties for about $2.8 billion, funded by 134.2 million new units and $30 million in cash.”
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