H&R Real Estate Investment Trust, based in Downsview, Ontario, has purchased Corus Quay, a 485,000 square-foot LEED Gold office property in downtown Toronto, for C$186 million.
H&R has secured a C$60 million, interest-only, nonrecourse mortgage for a term of 20 years and a C$37 million nonrecourse, first mortgage on this property on a pari passu basis, for a term and rate to be determined. Funding of these mortgages is expected to occur before the end of the first quarter.
Completed in 2009, the eight-story Corus Quay is situated directly on the city's waterfront and is the anchor project in the revitalization of downtown Toronto's East Bayfront area. Corus Quay's principal tenant is Corus Entertainment Inc., a media and entertainment company.