The Globe and Mail reports in its Wednesday, Aug. 12, edition that after searching for the better part of two years, H & R REIT has finally found buyers for one of Canada's largest property portfolios. The Globe's Jameson Berkow writes that H & R is selling its assets to a consortium nearly 30 years after founder Tom Hofstedter established the business in 1996. The buyers include GO Residential REIT, Blackstone, Crestpoint Real Estate Investments, the Public Sector Pension Investment Board and a Hofstedter family-controlled company. The complex transaction values H & R at $3.4-billion, or $6.7-billion when including debt. On Tuesday Scotia Capital analyst Mario Saric said it was the culmination of a long process, but the end result looks initially underwhelming. H & R unitholders will mostly be paid with units of GO, making them the majority owners of that REIT, with the cash component making up $4.28 of the total per-unit price of $12. That equates to a 19-per-cent discount relative to Scotia's calculation of H & R's net asset value, Mr. Saric said, in contrast to a 3-per-cent average premium to net asset value in post-COVID mergers and acquisitions.