On October 7, 2021, H&R REIT completed its sale of Calgary’s Bow Office Tower to Oak Street Real Estate Capital, a Chicago-based private equity firm, for $1.67 billion. The transaction included both the sale of the 58-storey, two million square foot tower, and the sale of Bell office campus located in Mississauga, Ontario. The transaction significantly reduces H&R REIT’s office exposure and provides the company with funding to pay down debt and facilitate further strategic initiatives. The acquisition of the iconic Bow Office Tower marks the largest real estate transaction in Calgary this year, after the acquisition of Western Canadian Place which Osler also acted on.
H&R REIT is Toronto-based real estate investment trust focused on commercial real estate.
Osler, Hoskin & Harcourt LLP advised H&R REIT with a team consisting of Riley Whitlock, Rod Davidge, Churyl Elgart, Bryce Kustra, Luke Stretch (Real Estate), Tracy Sandler, Randal Van de Mosselaer (Insolvency and Restructuring), Melanie Gaston (Litigation), Shelley Obal and Tim Mitchell (Research).