June 20, 2016 / 10:07 PM / a year ago

BRIEF-H&R REIT to sell its stake in Scotia Plaza

June 20 (Reuters) - H&R Real Estate Investment Trust :

* Deal for $438.3 million

* H&R expects to receive net proceeds of approximately $229 million before closing costs and adjustments

* Purchaser will be assuming H&R's share of existing financing on properties

* Will use proceeds to repay debt, including $180 million in unsecured debentures maturing in July

* After debt repayment, H&R's proforma debt to total asset ratio is expected to improve to 45.5% from 46.4% at March 31, 2016

* After repayment, proforma debt to total asset ratio is expected to improve to 45.5% from 46.4% at March 31, 2016

* H&R REIT to sell its stake in Scotia Plaza Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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