Morguard REIT Announces Normal Course Issuer Bid



    TORONTO, Jan. 26 /CNW/ - Morguard Real Estate Investment Trust (TSX:
MRT.UN) ("Morguard") announced today that the Toronto Stock Exchange has
accepted the notice filed by Morguard of its intention to make normal course
issuer bid.
    The notice provides that Morguard may, during the twelve month period
commencing January 28, 2009 and ending January 27, 2010, purchase for
cancellation on the Toronto Stock Exchange up to 3,157,502 units ("Units) in
total, being approximately 10% of the public float of the issued and
outstanding Units. The price which Morguard will pay for any such Units will
be the market price at the time of acquisition. The actual number of Units
which may be purchased and the timing of any such purchases will be subject to
compliance with the TSX guidelines.
    Under the current normal course issuer bid due to expire January 27,
2009, Morguard purchased 1,086,142 Units for cancellation during the last
twelve months at an average cost per unit of $9.57. As of January 21, 2009
there were 58,011,696 Units of Morguard outstanding. Morguard's average daily
trading volume for the prior six months is 42,518.
    Morguard believes that the purchase of its Units have been trading in a
price range which does not adequately reflect the value of such Units in
relation to the business of Morguard and its future business prospects. As a
result, depending upon future price movements and other factors, Mortgage
believes that its outstanding Units may represent an attractive investment for
itself. Furthermore, the purchases are expected to benefit all persons who
continue to hold Units by increasing their equity interest in Morguard. All
Units purchased by Morguard under the normal course issuer bid will be
cancelled.

    Morguard is a closed-end real estate investment trust, which owns a
diversified portfolio of high quality retail, office and industrial properties
in Canada with a book value of approximately $1.2 billion and approximately
7.6 million square feet of leaseable space.

    %SEDAR: 00008756E




For further information:

For further information: K. (Rai) Sahi, Chief Executive Officer,
Morguard Real Estate Investment Trust, 55 City Centre Drive, Suite 1000,
Mississauga, ON, L5B 1M3, (905) 281-4800, Web site: www.morguardreit.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890