Canadian REIT To Buy Houston Office Building For $443M

Law360, New York (December 15, 2011, 12:22 PM EST) -- Canada-based H&R Real Estate Investment Trust will pay $442.5 million to energy company Hess Corp. for a Houston office tower that is fully leased, the REIT said Thursday.

H&R said it would raise about CA$125 million (US$121 million) in a discounted equity offering to which investors already agreed, to partly repay the debt it expects to take on from acquiring building known as the Hess Tower, according to a statement.

The REIT purchased the building from developers Trammell Crow Co. and Principal Real Estate Investors, which broke...
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