Canadian REIT Acquires $294M Stake In Echo Realty

Law360, New York (August 8, 2013, 6:48 PM EDT) -- Toronto-based H&R Real Estate Investment Trust has acquired a one-third interest in Echo Realty LP for about $294 million, H&R announced late Wednesday.

Pittsburgh-based Echo's portfolio is worth about $1.16 billion, including 176 properties covering 7.4 million square feet, and is expected to generate more than $84 million in net operating income annually, according to H&R.

Proceeds from the transaction will help Echo expand its retail portfolio through new purchases in the eastern U.S., the parties said, and the deal gives H&R the option to buy...
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