Morguard Corporation - Media release



    MISSISSAUGA, ON, Oct. 22 /CNW/ - Morguard Corporation (MRC: TSX)
("Morguard") announces that it has acquired an additional 201,326 common
shares (the "Shares") of Revenue Properties Company Limited ("RPC") through
the facilities of the Toronto Stock Exchange at a price per Share of $11.50.
Morguard now owns 9,123,157 Shares representing approximately 86.4% of the
issued and outstanding Shares.
    The Shares were acquired in connection with Morguard's previously
announced intention to acquire all of the remaining outstanding Shares not
already owned by Morguard and its affiliates.

    Morguard Corporation is a major Canadian real estate and property
management company. It has extensive retail, office, industrial and
residential holdings through its investments in Morguard REIT and Revenue
Properties Company Limited. Morguard provides management services to
institutional and other investors for commercial and residential real estate
through Morguard Investments Limited and Morguard Residential.
    A copy of the related early warning report may be obtained from the SEDAR
website (www.sedar.com).





For further information:

For further information: Paul Miatello, Chief Financial Officer, Tel:
(905) 281-3800, Fax: (905) 281-5890, pmiatello@morguard.com, www.morguard.com


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