Morguard Corporation increases ownership position in Morguard Real Estate Investment Trust
MISSISSAUGA, ON, Feb. 10, 2015 /CNW/ - Morguard Corporation (TSX: MRC) ("Morguard"), announced today that it has acquired 1,730,775 units of Morguard Real Estate Investment Trust (TSX: MRT.UN) ("Morguard REIT") in a number of market purchases completed between October 11, 2012 and February 9, 2015 at a weighted average price of $17.86 per unit, through the facilities of the Toronto Stock Exchange and/or alternative Canadian Trading platforms. As of January 31, 2015, there were 62,167,654 units outstanding of Morguard REIT. Following the acquisitions, Morguard owns 29,120,780 units, representing 46.86% of the outstanding units of Morguard REIT (based on the issued and outstanding Morguard REIT units as of January 31, 2015).
The units were acquired for investment purposes only and Morguard could increase or decrease its investment in Morguard REIT depending on market conditions or any other relevant factors.
About Morguard REIT
Morguard REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 49 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.6 million square feet of leaseable space.
About Morguard
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial and residential holdings owned directly and through its investment in Morguard REIT and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed real estate portfolio is valued at more than $15 billion.
SOURCE Morguard Corporation
K. (Rai) Sahi, Chairman and CEO, Tel: 905.281.3800 Fax: 905.281.5890; Beverley G. Flynn, Secretary, Tel: 905.281.3800 Fax: 905.281.5890
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