Morguard REIT Announces Completion of its Previously Announced Acquisition of Penn West Plaza

TSX: MRT.UN

MISSISSAUGA, ON, Oct. 31, 2012 /CNW/  - Morguard Real Estate Investment Trust ("Morguard REIT" or the "REIT") (TSX: MRT.UN), announced today that it has completed its acquisition of a 100% freehold interest in Penn West Plaza, Calgary, a Class A office property that is comprised of two office towers with 621,628 square feet of gross leasable area, 379 parking spaces and 17,766 square feet of prime retail space.

Penn West Plaza (207 & 213-9th Avenue S.W.) is located in the Central Business District of downtown Calgary. Both Class A office towers (other than ancillary retail space) are 100% leased to Penn West Petroleum Ltd. (NYSE: PWE TSX: PWT), and secured by a long-term net lease, with a remaining lease term of 12 years.

About Morguard REIT

Morguard REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 54 high quality retail, office and mixed use properties in Canada with an approximate value of $2.6 billion and comprising approximately 9.1 million square feet of leaseable space.

SOURCE: Morguard Real Estate Investment Trust

For further information:

Mr. K. (Rai) Sahi, President and Chief Executive Officer
Morguard Real Estate Investment Trust
55 City Centre Drive
Suite 1000
Mississauga, Ontario
L5B 1M3
Tel: 905-281-4800
Fax: 905-281-4818
www.morguard.com