An Ontario-based pension plan has agreed to buy a half interest in the TransCanada Tower in Calgary for $257.4 million.
H&R Real Estate Investment Trust (TSX:HR.UN) says the property has almost doubled in value in the 15 years since it was built in 2001.
The buyer is HOOPP Realty Inc., a subsidiary of the Healthcare of Ontario Pension Plan (HOOPP), which manages about $64 billion of assets for its members.
The deal is subject to conditions but expected to close in November.
The 38-storey TransCanada Tower houses the headquarters for TransCanada Corp. (TSX:TRP), one of North America's largest pipeline and energy infrastructure companies.
Note to readers: This is a corrected story. An earlier version misspelled HOOPP.
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