[Wookie]

Transaction Commentary
H&R REIT announced that commitments have been secured from various Canadian financial institutions resulting from the successful syndication, co-led byRBC Capital Markets, of a $425MM construction facility for H&R's development project in Calgary - "The Bow". Legal documentation is currently being negotiated. The closing of the financing, which is expected within the next few weeks, is subject to certain customary conditions, including completion of documentation, which are typical for a construction facility.

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