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
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
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
SOURCE: Morguard Real Estate Investment Trust
For further information:
Mr. K. (Rai) Sahi, President and Chief Executive Officer
Healthcare of Ontario Pension Plan
Martin Biefer, Director, Public Affairs