MISSISSAUGA, ON, Dec. 16, 2013 /CNW/ - Morguard Investments Limited
("Morguard") announced today that it closed two separate deals on
behalf of its pension fund clients to purchase a Class A Office tower
and a Class A Industrial portfolio in Edmonton, AB totaling more than
$200 million CDN.
The first purchase agreement features a 372,000 SF Class A Office tower
acquired by Morguard on behalf of the Healthcare of Ontario Pension
Plan (HOOPP) and another pension fund client. Located at 44 Capital in
downtown Edmonton at the centre of the Government District, it is the
largest and most prestigious Office building in the area. The property
boasts one of the strongest credit rent rolls in Canada with high
investment grade tenants.
The second purchase agreement features a Class A Industrial portfolio
acquired by Morguard on behalf of MIL Industrial Fund II Limited
Partnership and a pension fund client. The 544,000 SF institutional
grade, five building portfolio has a strong mix of service,
manufacturing and distribution tenants providing excellent income
diversification and is 100% leased. These new generation buildings are
located in Edmonton, AB, considered one of the strongest industrial
markets in Canada. The Industrial Portfolio includes: Brier Business
Centre (9404 39 Avenue NW), Loomis Express (10918 184 Street NW), EMCO
(10930 184 Street NW), Crossroads A (11104 180 Street NW) and
Crossroads B (18003 114 Avenue NW).
"Edmonton is experiencing robust growth and is a market that we see as
offering solid investment opportunities for institutional investors,"
said Stephen Taylor, President and COO, Morguard Investments Limited.
"The City recorded the highest level of GDP growth across the major
metropolitan markets in Canada in 2012 expanding at 5.1%, well above
the national average of 1.9%. This is due to its unique position to
support vital services to the oil and gas industry."
"The Class A Office acquisition is further affirmation of HOOPP's
commitment to its investment platform in Edmonton, which includes the
substantial ownership of Telus Plaza and an expanding industrial
portfolio," said Michael Catford, VP Real Estate, HOOPP. "We are
pleased to be associated with Morguard and our pension fund partner in
this new acquisition."
Morguard will assume property management and asset management for both
the Class A Office tower and Industrial portfolio acquisitions. The
purchase agreements add more than 900,000 SF of Office and Industrial
assets to Morguard's total assets under management valued at
approximately $14.7 billion.
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 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
SOURCE: Morguard Corporation
For further information:
Morguard Investments Limited
Stephen Taylor, President and COO
Healthcare of Ontario Pension Plan
Martin Biefer, Director, Public Affairs