H&R sees Primaris deal as once in a lifetime opportunity

Thu Jan 17, 2013 9:36am EST
 
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TORONTO Jan 17 (Reuters) - H&R Real Estate Investment Trust sees its proposed deal to acquire Canadian shopping mall-focused Primaris Retail REIT as a once in a lifetime opportunity, Chief Executive Officer Tom Hofstedter said on Thursday.

The deal, announced late on Wednesday, is set to trump a C$2.6 billion ($2.64 billion) hostile bid from a consortium led by Canada's KingSett Capital back in December.

"The opportunity to buy $4.5 billion worth of prime real estate in Canada is the driver of the bus at a time when there's a game changer with the launch of Target," Hofstedter said on a conference call, referring to the entrance of U.S. discounter Target Corp that is set to open its first stores in Canada this spring.

"This really, really is an opportunity that is once in a lifetime at a time when the changing landscape for retail is going to make tremendous value for these assets," he said.

($1 = 0.9857 Canadian dollars) (Reporting by Euan Rocha; Editing by Chizu Nomiyama)