Morguard REIT acquires office tower in mid-town Toronto

MISSISSAUGA, ON, Dec. 16 /CNW/ - Morguard Real Estate Investment Trust ("the Trust") (TSX: MRT.UN) today announced that the Trust, in partnership with a major Canadian pension fund, has acquired 77 Bloor Street West, a 21-storey Class 'A' office building located on the southwest corner of Bloor Street West at Bay Street. The building contains 370,000 square feet of leasable area and two levels of underground parking. The property is currently ninety-one per cent (91%) occupied with the largest tenant being a major Canadian chartered bank, occupying approximately 60% of the rentable space.

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 $1.2 billion and approximately 7.8 million square feet of leaseable space.

%SEDAR: 00008756E

For further information: Mr. K. (Rai) Sahi, Chief Executive Officer, 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], [email protected], Website: www.morguardreit.com