Morguard Corporation Increases Ownership Position in Morguard Real Estate Investment Trust
MISSISSAUGA, ON, June 29, 2020 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) announced that that it acquired 1,632,281 trust units (the "Units") of Morguard Real Estate Investment Trust (the "REIT") (TSX: MRT.UN), through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems and by way of a private transaction through the REIT's distribution reinvestment plan (the "DRIP"), as follows:
- Between June 6, 2019, and December 19, 2019, through three separate transactions using the facilities of the Toronto Stock Exchange and alternative Canadian trading systems, Morguard acquired 250,393 Units for a total purchase price of $2,915,835.22:
- On June 6, 2019, Morguard acquired 25,000 Units at a price per Unit of $12.32, for a total purchase price of $308,000.00;
- On December 16, 2019, Morguard acquired 140,393 Units at a price per Unit of $11.54, for a total purchase price of $1,620,135.22; and
- On December 19, 2019, Morguard acquired 85,000 Units at a price per Unit of $11.62 for a total purchase price of $987,700.00.
- Between April 15, 2020 and June 15, 2020, Morguard acquired 1,381,888 Units through the REIT's DRIP representing an aggregate issue price of $7,196,830.88:
- On April 15, 2020, Morguard acquired 574,555 Units issued at a price of $4.95 per Unit representing an aggregate issue price of $2,844,047.25;
- On May 15, 2020, Morguard acquired 534,750 Units issued at a price of $5.40 per Unit representing an aggregate issue price of $2,887,650.00; and
- On June 15, 2020, Morguard acquired 272,583 issued at a price of $5.38 per Unit representing an aggregate issue price of $1,465,133.63.
The total Units (1,632,281) acquired by Morguard represent approximately 2.63% of the outstanding Units (all securityholding percentages are based on the issued and outstanding Units as of June 15, 2020) and were acquired at an average weighted price per Unit of approximately $6.20.
Prior to the acquisitions, Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owned 40,407,692 Units (including Units issuable upon conversion of the convertible debentures of the REIT) representing 66.56% of the outstanding Units. Following the acquisitions, Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owns 42,039,973 Units (including Units issuable upon conversion of the convertible debentures of the REIT), representing 67.64% of the outstanding Units on a partially diluted basis.
The Units were acquired for investment purposes. Morguard and its affiliates may, from time to time, depending on market and other conditions or relevant factors, increase or decrease its beneficial ownership, control or direction over securities of the REIT through market transactions, private agreements or otherwise, including through the DRIP.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the REIT's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Beverley Flynn at Morguard Corporation, 55 City Centre Drive, Suite 1000, Mississauga, Ontario L5B 1M3.
About Morguard Real Estate Investment Trust
The REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 48 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.4 million square feet of leaseable space.
About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust, Morguard North American Residential REIT and Temple Hotels Inc. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $20.1 billion.
Paros Enterprises Limited, is a holding company controlled by K. Rai Sahi and, together with its affiliates, owns approximately 59.5% of the outstanding shares of Morguard.
For more information, visit Morguard.com.
SOURCE Morguard Corporation
Morguard Corporation, K. Rai Sahi, Chairman and CEO, T 905-281-3800; Beverley G. Flynn, Senior Vice President and General Counsel, T 905-281-3800
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