Morguard Corporation and Morguard REIT acquire office complex in Montreal

MISSISSAUGA, ON, July 30 /CNW/ - Morguard Corporation (the "Corporation") (TSX:MRC) and Morguard Real Estate Investment Trust ("the Trust") (TSX: MRT.UN) today announced that they have acquired Place Innovation, a four-building interconnected office complex, located within Technoparc Montreal, the largest technology park in Canada, in the Montreal borough of Saint-Laurent, Quebec. The property contains 885,322 square feet of leasable area located on a 126 acre site which includes and 62.5 acres of land available for future development. The property is currently ninety-eight per cent (98%) leased, with the two largest tenants occupying approximately sixty percent (60%) of the rentable space.

About Morguard Corporation

Morguard Corporation is a real estate company which owns a diversified portfolio of 100 retail, multi-unit residential, office and industrial properties comprising 10,297 multi-unit residential suites and approximately 6.4 million square feet of commercial leasable space. Morguard Corporation also owns a 45% interest in Morguard Real Estate Investment Trust. Morguard provides advisory and management services to institutional and other investors through Morguard Investments Limited and Morguard Residential. For more information, visit the Company's website at www.morguard.com.

About Morguard REIT

Morguard REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 50 high quality retail, office and industrial properties in Canada with an approximate asset book value of $1.3 billion and approximately 7.9 million square feet of leaseable space. For more information, visit the Company's website at www.morguardreit.com.

For further information: Mr. Paul Miatello, Chief Executive Officer Morguard Corporation, 55 City Centre Drive, Suite 1000, Mississauga, ON, L5B 1M3, T: [phone], F: [phone], Email: [email protected]; Mr. Tim Walker, Chief Financial Officer, Morguard Real Estate Investment Trust, 55 City Centre Drive, Suite 1000, Mississauga, ON, L5B 1M3, T: [phone], F: [phone], Email: [email protected]