MISSISSAUGA, ON, Aug. 11, 2016 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) announced today that it has acquired 1,351,329 units (the "Units") of Morguard Real Estate Investment Trust (TSX: MRT.UN) ("Morguard REIT") through the facilities of the Toronto Stock Exchange and/or alternative Canadian trading systems between December 11, 2015 and August 10, 2016 at a weighted average price of $14.18 per Unit.
The Units acquired by Morguard represent 2.23% of the issued and outstanding Units of Morguard REIT.
Following the acquisitions, Morguard owns 31,813,982 units, representing 52.50% of the outstanding units of Morguard REIT (based on the issued and outstanding Morguard REIT units as of August 10, 2016).
The units were acquired for investment purposes. Morguard and its affiliates may, from time to time, depending on market and other conditions or relevant factors, increase or decrease its beneficial ownership, control or direction over securities of Morguard REIT through market transactions, private agreements or otherwise.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under Morguard REIT's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Beverley Flynn at Morguard Corporation, 55 City Centre Drive, Suite 1000, Mississauga, Ontario L5B 1M3.
About Morguard Real Estate Investment Trust
Morguard REIT (TSX: MRT.UN) is a closed-end real estate investment trust, which owns a diversified portfolio of 49 retail, office and industrial income producing properties in Canada with a book value of $2.9 billion and approximately 8.7 million square feet of leasable space.
About Morguard Corporation
Morguard Corporation (TSX: MRC) is a major North American real estate and property management company. It has extensive retail, office, industrial, multi–suite residential, and hotel holdings owned directly, or through its investment in Morguard REIT (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN). Morguard also provides real estate management services to institutional and other investors. Morguard's combined real estate portfolio is valued at $16.0 billion.
For more information, visit Morguard.com.
SOURCE Morguard Corporation
For further information: Morguard Corporation, K. Rai Sahi, Chairman and CEO, T 905-281-3800; Beverley G. Flynn, Secretary, T 905-281-3800