H&R Real Estate Investment Trust terminated its C$6.7bn arrangement with GO Residential REIT and a consortium including Blackstone Real Estate funds on 13 November 2026, after the deal failed to win the required approval from H&R unitholders.
Deal terms and financing
Under the August agreement, H&R unitholders would have received C$4.28 in cash and 0.5688 of a GO REIT unit for each H&R unit, valued at C$12.01 at signing. The transaction needed two-thirds approval from unitholders and a majority of the minority excluding CRAL and its joint actors. H&R said no termination fee is payable; GO REIT has filed a statement of claim in the Ontario Superior Court seeking a C$102,131,000 termination fee and other relief.
“We are disappointed by this outcome”
Regulatory approvals and timing
Beyond unitholder approval, the arrangement required Alberta court approval and Competition Act clearance. GO REIT's own unitholders approved the related unit issuance at their meeting on 13 November.
Market context
The deal drew opposition from institutional holders over the price paid for about C$2bn of assets going to CRAL, controlled by Hofstedter family members. H&R has reinstated its C$0.05 monthly distribution, declared a C$0.15 catch-up payment and said it intends to pursue asset sales, refresh its board and plan chief executive succession.
