全球资产管理公司表示，它将投票反对拆分并出售加拿大H&R房地产投资信托基金，进一步加剧了对该交易的反对声浪。该交易将把加拿大的一系列工业地产交给黑石集团。
Global Asset Management says it will vote against the breakup and sale of Canada’s H&R Real Estate Investment Trust, adding to opposition on a deal that would give Blackstone Inc. a collection of industrial properties in Canada.
RBC是H&R最大的股权投资者之一，持有930万份单位，并计划投票反对此次交易，管理董事Hanif Mamdani在一份电子邮件声明中如此表示。他未进一步说明具体原因。
RBC is one of H&R’s largest equity investors with 9.3 million units and it plans to cast them against the transaction, Managing Director Hanif Mamdani said in an emailed statement. He wouldn’t elaborate on the reasons.
这家基金管理人成为两天内第二个公开反对该交易的机构。这项复杂的现金加股票交易方案将把H&R拆分出售。黑石集团和其他投资者将获得工业资产，而总部位于纽约的GO住宅房地产投资信托基金则将收购美国阳光地带约24处住宅地产，以及H&R在纽约杰克逊公园豪华高层公寓项目中50%的股份和其他资产。
The fund manager is the second in two days to come out publicly against the deal, a complex cash-and-shares offer that would see H&R split into pieces. Blackstone and other investors would get industrial assets, while New York-based GO Residential Real Estate Investment Trust would acquire about two dozen residential properties in the US sunbelt, along with H&R’s 50% stake in the Jackson Park luxury high-rise apartment complex in New York and other assets.
由H&R执行董事长兼首席执行官Tom Hofstedter家族控制的一家公司将保留部分资产。
A company controlled by the family of Tom Hofstedter, H&R’s executive chairman and chief executive officer, would keep some assets.
总部位于波士顿的Mill Pond Capital在给该公司受托人的信中称，这项复杂的交易“未能给H&R的公开单位持有人带来公平价值”，却为Hofstedter及其家族提供了更优厚的条款。
In a letter to the company’s trustees, Boston-based Mill Pond Capital said the complex transaction “does not deliver fair value to H&R’s public unitholders” while giving sweeter terms to Hofstedter and his family.
单位持有人每持有一份H&R单位，将获得4.28加元现金以及0.5688份GO REIT单位。根据GO周三的收盘价计算，该组合价值约为每股10.16加元。H&R当天的收盘价为9.26加元。以美元计算，自该交易宣布以来，GO的股价已下跌约25%。
Holders are set to receive C$4.28 in cash plus 0.5688 units of GO REIT for every unit of H&R they own. That’s a package worth roughly C$10.16 per share, based on GO’s closing price on Wednesday. H&R closed at C$9.26 that day. In US dollar terms, GO’s stock has tumbled about 25% since the transaction was announced.
“这是一笔针对CEO家族的交易，而对其他人来说则是一笔更糟糕的交易，”Mill Pond的Daniel Farb在周三发布的信中写道。他表示，他认为Hofstedter家族正在以低于净资产价值（NAV）的折扣价格收购这些“非核心”资产。
It’s “one deal for the CEO’s family, a worse deal for everyone else,” Mill Pond’s Daniel Farb wrote in the letter, which he released on Wednesday. He said he believes the Hofstedters are acquiring those “non-core” assets at a discount to net asset value, or NAV.
“不可接受的是，要求单位持有人接受一项稀释性、税收效率低下的交易，将资产注入杠杆更高的实体，且交易价格大幅低于公司公布的净资产价值（NAV），而首席执行官及其家人却获得了完全不同的对价，”法布写道，并补充说，他的公司将投票反对该交易，反对票将投出220万份单位。
“What is not acceptable is asking unitholders to accept a dilutive, tax-inefficient transaction into a more levered entity at a large discount to the company’s stated NAV, while the CEO and his family receive an entirely different form of consideration,” Farb wrote, adding that his firm will vote its 2.2 million units against the deal.
在周四致股东的一封信中，H&R的董事会敦促投资者投票支持该交易，并表示汤姆·霍夫斯泰德特的参与是交易的“关键要素”。霍夫斯泰德特家族公司CRAL计划收购九处加拿大办公物业、三处加拿大开发物业、一处美国综合用途物业的50%权益，以及美国土地地块和合资企业权益等资产。
In a letter sent to shareholders on Thursday, H&R’s board urged investors to vote in favor and said Tom Hofstedter’s participation is “an essential element” of the deal. The Hofstedter family company, known as CRAL, is set to acquire nine Canadian office properties, three Canadian development properties, a 50% interest in a US mixed-use property, plus US land parcels and interests in joint ventures, among other assets.
根据H&R独立首席受托人斯蒂芬·格罗斯签署的信件，“CRAL愿意收购这些特定资产及相关的负债——这些资产此前仅吸引到其他潜在买家的有限兴趣——是促成该交易的关键因素。”GO REIT也于周四告知投资者，应投票支持该交易。
“CRAL’s willingness to acquire these specific assets and associated liabilities, which had attracted limited interest from other potential purchasers, was a critical component” of making the deal happen, according to the letter signed by Stephen Gross, H&R’s independent lead trustee. GO REIT also told investors to vote for the deal on Thursday.
根据加拿大的“少数派多数”规则，H&R的交易需要获得非内部人士及关联实体所投股份的多数支持。
Under Canada’s “majority of the minority” rules, H&R’s transaction needs the support of the majority of votes cast by shareholders other than insiders and related entities.