Blackstone Inc. is in active discussions with H&R Real Estate Investment Trust regarding a potential acquisition, according to people familiar with the situation, who requested anonymity because the negotiations are private. The talks come after takeover negotiations last year involving H&R, Blackstone, TPG Inc., and Crestpoint Real Estate Investments Ltd. ended without a transaction.
Representatives of Blackstone declined to comment on the reported discussions. H&R did not respond to a request for comment.
H&R manages C$8.1 billion in assets as of March 31, with a portfolio the company has been reshaping over several years. Management has reduced exposure to office and retail assets while expanding holdings in apartment and industrial properties across the United States and Canada. The company’s shares have generated a total return of about 13% over the past 10 years.
The people who disclosed the talks emphasized that discussions are private and that there is no certainty a deal will be completed. The negotiations follow the earlier, unsuccessful takeover discussions from last year, which included several parties but did not produce an agreement.
What is clear from the reports is limited: Blackstone’s interest has been reported, H&R’s portfolio composition and asset scale are identified, and prior takeover efforts last year involved multiple suitors. Beyond that, public comment from either company is absent. Market participants therefore have only partial information to assess any prospective transaction at this time.
This development, if it proceeds, would represent another high-profile instance of a large alternative asset manager engaging with a publicly listed real estate investment trust. For now, however, the outcome remains uncertain and dependent on how private discussions evolve.