H&R REIT reaches deal with activist investor K2, will increase board size to 10

TORONTO – H&R Real Estate Investment Trust has reached a deal with an activist investor that had sought changes at the trust’s board.

Under the agreement, K2 Principal Fund LP and K2 & Associates Investment Management Inc. has withdrawn their four nominees who were slated to stand for election at the trust’s meeting on June 15.

Instead, K2 has agreed with H&R to support the election of two additional, mutually agreed upon, independent trustees, Lindsay Brand and Leonard Abramsky.

The move will increase the size of the trust’s board by two to 10 trustees.

K2 will also vote in favour of the other trustees slated for re-election.

H&R REIT is one of the country’s largest real estate investment trusts with a portfolio of residential, industrial, office and retail properties.

This report by The Canadian Press was first published April 25, 2023.

Companies in this story: (TSX:HR.UN)