08:43 AM EST, 11/25/2025 (MT Newswires) -- H&R Real Estate Investment Trust (HR-UN.TO) said Tuesday it has struck binding agreements with multiple buyers to sell retail and office properties in Canada and the U.S. for $1.5 billion as it moves to sharpen its portfolio focus.

Following the sales, the proportion of the REIT's portfolio comprised of residential and industrial assets will jump from 69% to 83%. The only remaining retail square footage will be part of a mixed-use property at River Landing in Miami, a statement said.

The REIT will use $1.1 billion of net proceeds to pay down corporate debt. H&R also intends to renew a normal course issuer bid and may use up to $200 million of the newly created debt capacity, over time, to repurchase units.

The sale of one retail property is expected to close in the fourth quarter and the rest of the property sales are expected to close in January.

H&R remains in talks to sell two Canadian office properties in Toronto, but is not expecting to enter into any other binding sale agreements this year.