Morguard Announces Completion of Canadian Retail Acquisitions
MISSISSAUGA, ON, Dec. 12, 2013 /CNW/ - Morguard Investments Limited ("Morguard") announced today that it has completed its previously announced acquisition of three regional shopping centres in Canada on behalf of its clients, Healthcare of Ontario Pension Plan ("HOOPP") and Morguard Real Estate Investment Trust (the "REIT") (TSX: MRT.UN).
The three regional shopping centres were acquired from Canada Pension Plan Investment Board ("CPPIB") for a purchase price totaling more than $500 million CDN (excluding closing costs).
HOOPP has acquired a 100 percent freehold interest in two Ontario retail properties including Intercity Shopping Centre located in Thunder Bay, ON and New Sudbury Shopping Centre located in Sudbury, ON.
Morguard Real Estate Investment Trust has acquired a 100 percent freehold interest in Pine Centre Mall located in Prince George, BC.
The acquired assets will be managed by Morguard, adding approximately 1.5 million SF of retail space to the current managed portfolio bringing total assets under management to approximately $14.5 billion CDN.
The initial news release announcing the acquisitions is accessible at http://www.morguard.com/Pages/NewsRelease.aspx?releaseID=122774.
Morguard Investments Limited, a wholly-owned subsidiary of Morguard Corporation (TSX: MRC), provides real estate advisory services to institutional investors. 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 (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN).
About Morguard REIT
Morguard Real Estate Investment Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 55 high quality retail, office and mixed-use properties in Canada with an approximate value of $2.9 billion and comprising approximately 9.6 million SF of leasable space.
About the Healthcare of Ontario Pension Plan
Created in 1960, HOOPP is the pension plan of choice for Ontario's hospital and community-based healthcare sector with over 440 participating healthcare organizations. HOOPP's 274,000 members include nurses, medical technicians, food services staff and laundry workers, and many other people who work hard to provide valued Ontario healthcare services. As a defined benefit plan, HOOPP provides eligible members with a retirement income based on a formula that takes into account a member's earnings history and length of service in the Plan. Once eligible members start receiving a pension, they receive it for life.
SOURCE Morguard Real Estate Investment TrustFor further information:
Mr. K. (Rai) Sahi, President and Chief Executive Officer
Healthcare of Ontario Pension Plan
Martin Biefer, Director, Public Affairs