H&R REIT to sell $633m U.S. retail portfolio

H&R Real Estate Investment Trust has entered into an agreement to sell 63 retail properties in the United States for $633 million.

A buyer was not disclosed.

The portfolio includes all of the REIT’s retail properties in the United States, specifically in Ohio, Indiana, Pennsylvania and Florida.

“This transaction follows through on our strategy of narrowing and streamlining our focus while enhancing the quality and growth profile of our portfolio,” said Thomas Hofstedter, chief executive of H&R, in a statement. “A significant share of the net proceeds will be used to further grow our Lantower Residential division which, since its inception a little over three years ago, has grown to approximately 15 percent of our real estate assets today.”

The deal is expected to close in June 2018.