HOOPP Acquires 50% Stake In Calgary’s TransCanada Tower
H&R REIT is selling a 50% non-managing interest in Calgary’s TransCanada Tower to HOOPP Realty for $257.4M (a 5.15% cap rate on current NOI). H&R states the building—TransCanada Pipelines’ 38-storey, 931k SF HQ—has nearly doubled in value since the trust built and bought the property in 2001. President/CEO Thomas Hofstedter says his REIT looks forward to a successful long-term relationship with HOOPP, a premier Canadian pension fund. The deal, which grows H&R's unencumbered pool of assets to $2.6B, closes next month.