O'HARA, PA-Locally-based Echo Realty, LP has sold a one-third stake in the company to H&R Real Estate Investment Trust of Toronto for approximately $294 million.
Echo, which is the largest landlord for the Giant Eagle grocery chain, has a portfolio of 176 properties totaling 7.4 million square feet and is expected to generate more than $84 million in annual net operating income, according to an H&R announcement. Echo's holdings are mainly in retail, but do include four office buildings and six industrial properties. The company also has four retail properties in development and two pieces of land, according to the Pittsburgh Business Journal.
The sales agreement with Echo includes a five-year option for H&R to acquire up to a 49.9% stake of Echo. See story in the Pittsburgh Business Journal.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.