Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeReal EstateBlackstone in talks to buy Canadian property firmH&R has a market capitalization of around $3.1 billionAuthor of the article:Last updated 21 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Signage is displayed outside the Blackstone Group Inc. headquarters in New York, U.S., on July 13, 2019. Photo by Mark Abramson/BloombergBlackstone Inc. is in early-stage talks about an acquisition involving H&R Real Estate Investment Trust, a Canadian owner of apartment buildings and other properties.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorH&R said late Thursday it’s in “preliminary, non-exclusive discussions with Blackstone regarding a potential sale of certain assets,” confirming an earlier report from Bloomberg News that caused H&R shares to jump more than eight per cent.The talks come after takeover negotiations last year involving H&R, Blackstone, TPG Inc. and Crestpoint Real Estate Investments Ltd. fell apart, according to people familiar with the matter, asking not to be identified because the discussions are private. There’s no guarantee a deal will be reached this time around.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againH&R had a market capitalization of around $3.1 billion as of Thursday’s closing price.The company, which managed $8.1 billion of assets as of March 31, has spent several years moving its portfolio away from struggling office and retail holdings and increasing its exposure to apartment and industrial assets in the U.S. and Canada.But its shares have underperformed the rest of the Canadian real estate sector with a total return of about 22 per cent over the past 10 years, according to data compiled by Bloomberg.Hedge fund K2 & Associates Investment Management Inc. has pushed the company to explore a sale, arguing that it continues to trade at a substantial discount to the value of its real estate holdings.While Blackstone remains engaged in discussions with H&R, TPG is no longer involved, according to the people. It remains unclear whether TPG or Crestpoint would participate in any transaction should Blackstone ultimately reach a takeover deal for the REIT, the people said. Neither TPG nor Crestpoint would comment on the matter.Last November, H&R agreed to sell a portfolio of Canadian and U.S. office and retail properties to several buyers for about $1.5 billion. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.