October 6, 2016 / 2:12 PM / 3 years ago

H&R REIT to sell stake in TransCanada Tower to HOOPP Realty

(Reuters) - H&R Real Estate Investment Trust (HR_u.TO) said it agreed to sell 50 percent of its non-managing interest in TransCanada Tower in Calgary, Alberta to a unit of Healthcare of Ontario Pension Plan (HOOPP) for about C$257.4 million ($194.8 million).

H&R REIT said it would use proceeds from the sale to HOOPP Realty Inc to reduce debt.

The company said on Thursday it expects to complete the sale of the property, which has almost doubled in value since 2001, in November.

Foreign buyers are helping to drive a jump in sales of top-tier Canadian office buildings, according to industry players, due to a soft currency and the country’s relative stability.

Reporting by John Benny in Bengaluru

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