The Globe and Mail reports in its Friday, Aug. 14, edition that H & R Reit chief executive officer Tom Hofstedter is buying about $410-million of properties from the company he founded 30 years ago to pave the way for a $3.4-billion takeover. The Globe's Andrew Willis writes that on Thursday, Mr. Hofstedter detailed his role in the planned purchase of H & R by a consortium led by rival GO Residential REIT. The CEO plans to sell his family's 44 million H & R units back to the company prior to the GO takeover, a stake worth $466-million. The Hofstedter family's holding company, called CRAL, will then commit $51-million to "income supports and other payments to GO" over the next two years. The rest of the money will be used to purchase H & R real estate that other buyers do not want, including undeveloped land and office properties. CRAL will also remain a joint venture partner with GO on a high-end development in Miami called River Landing. The project opened in 2020 and features 528 rental units and a marina along with restaurants, retail outlets and office buildings. Mr. Hofstedter said his family company's support was essential to finding a buyer for H & R after a lengthy search for suitors.