Blackstone has entered renewed discussions to acquire Canada’s H&R Real Estate Investment Trust. H&R REIT confirmed preliminary, non-exclusive talks regarding a potential sale of certain assets. These negotiations follow failed discussions last year that included TPG Inc., which is no longer involved.
H&R shares surged over 8% following reports of the renewed interest. The rally increased the company’s market capitalization to approximately C$3.1 billion ($2.2 billion).
H&R REIT managed C$8.1 billion in assets as of March 31. The trust is currently divesting office and retail properties to focus on residential and industrial assets in the U.S. and Canada.
Both companies declined to comment further on the ongoing discussions. There is no guarantee that the current talks will result in a completed transaction.