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H&R Real Estate Investment Trust Announce Completion of the Primaris Retail Real Estate Investment Trust Transaction

Thursday, 4 Apr 2013 06:33pm EDT 

H&R Real Estate Investment Trust and Primaris Retail Real Estate Investment Trust announced that H&R has completed its previously announced acquisition of Primaris. As part of the transaction, a KingSett Capital-led consortium, which consists of certain KingSett Capital managed funds, Ontario Pension Board and RioCan REIT, acquired 17 Primaris properties pursuant to separate purchase agreements between Primaris and the consortium members. H&R then acquired Primaris and its remaining 27 properties. Unitholders who elected cash for their Primaris units are entitled to $28 cash per Primaris unit for approximately 55% of their Primaris units and 1.166 H&R stapled units per Primaris unit for the balance. All other former Primaris unitholders are entitled to 1.166 H&R stapled units for each Primaris unit. In connection with the transaction, holders of approximately 2.1 million exchangeable units of certain subsidiaries of Primaris now hold an equal number of exchangeable units of certain subsidiaries of H&R each of which are exchangeable for 1.166 H&R stapled units. The 6.75% (remaining aggregate principal amount outstanding $1,220,000), 6.30% (remaining aggregate principal amount outstanding $7,726,000) and 5.40% (remaining aggregate principal amount outstanding $74,963,000) convertible debentures issued by Primaris have been assumed by H&R and are now convertible into H&R stapled units at previously announced conversion ratios. 

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