The buyers are an affiliate of the Public Sector Pension Investment Board and affiliates of Crestpoint Real Estate Investments.
A total of 101 properties are included in the transaction. The new partners will have a 50 per cent stake in the Canadian portfolio and 49.5 per cent interest in the U.S. portfolio.
H&R will continue to manage the properties and receive fees for that service.
Public Sector Pension Investment Board manages assets to fund retirement benefits for the federal public service, Canadian military and Royal Canadian Mounted Police. It had $99.5 billion of assets under management as of Sept. 30.
Crestpoint Real Estate is part of the Connor, Clark & Lunn Financial Group, which manages about $55 billion of assets for its institutional and individual clients.