MISSISSAUGA, ON, June 27, 2017 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) and William Osler Health System celebrated a major milestone with the topping off of the Ancillary Services Building ("ASB") at Etobicoke General Hospital ("EGH").
In 2016, the Morguard-led EGH Health Partners consortium was awarded the mandate to design, build, finance and maintain the $56 million medical office building through an alternative financing arrangement. The six-storey, 156,000 square foot Class A building is targeting LEED® (Leadership in Energy and Environmental Design) Gold certification.
"Morguard has the flexibility to provide alternative financing options that offer innovative and accessible means for the public sector to modernize and replace aging infrastructure," said K. Rai Sahi, Chairman and CEO, Morguard Corporation. "We are pleased to join our partners to celebrate a milestone in the development of this modern facility that will provide world-class medical care in this community."
The development of the medical office building is a key component in the expansion and transformation currently underway at EGH. It replaces the existing building, providing more than twice the square footage to meet the hospital's growing needs and provides additional value with connection to the newly constructed EGH patient tower through a covered pedway on the second storey.
The medical office building was designed to William Osler Health System's specifications and will be home to physicians' offices, classrooms and outpatient programs and services including a fracture clinic, diagnostic imaging and a satellite dialysis program.
"This marks a significant milestone in the revitalization journey at EGH," said Ann Ford, Vice President Facilities, Redevelopment and Information Technology at William Osler Health System. "With the support of our partners, we are excited about the tremendous progress we are making in transforming this site, which will help increase access to the health care services most needed by patients and families in the community."
The project is a hybrid infrastructure/commercial real estate alternative financing arrangement between the Morguard-led consortium and William Osler Health System. Under the terms of the partnership, Morguard will develop, own and operate the building for a 40-year term, with 100% of the space leased to William Osler Health System for the duration.
The Morguard-led consortium includes:
- Developer, Financial Advisor/Arranger and Facilities Manager: Morguard Investments Limited
- Constructor: Bird Construction
- Architect: ARK Inc.
- Legal: Fasken Martineau
- Construction Financing: RBC Capital Markets
- Long-term Financing: RBC Insurance
Morguard was joined by executives from William Osler Health System for a topping off ceremony, a key milestone in the development process. The ceremony signifies that construction of the building has reached the top floor and symbolizes months of collaboration between Morguard and its partners. Construction is on schedule to be substantially complete by late 2017.
Morguard Corporation is a major North American real estate 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), Morguard North American Residential REIT (TSX: MRG.UN) and Temple Hotels Inc. (TSX:TPH). Morguard also provides real estate management services to institutional and other investors. Morguard's combined real estate portfolio is valued at $15.9 billion. Visit www.morguard.com.
About Morguard Investments Limited
Morguard Investments Limited is a real estate management company that provides strategic advisory services to institutional clients who are seeking a significant contribution to their real estate portfolio. Backed by 40 years of proven performance, MIL has strong investment and management capabilities in multiple asset classes across retail, office, industrial and multi-suite residential. The company manages approximately 45 million square feet of commercial space in Canada.
About William Osler Health System
William Osler Health System is a hospital system that serves 1.3 million residents of Brampton, Etobicoke, and surrounding communities within the Central West Local Health Integration Network. Osler's emergency departments are among the busiest in Canada and its labour and delivery program is one of the largest in the province. William Osler Health System Foundation builds and fosters relationships in order to raise funds to support William Osler Health System's capital, education and research priorities at Brampton Civic Hospital, Etobicoke General Hospital and the new Peel Memorial Centre for Integrated Health & Wellness. Visit www.williamoslerhs.ca.
SOURCE Morguard Corporation
For further information: K. Rai Sahi, Chairman and Chief Executive Officer, 905-281-3800; Margaret Knowles, Senior Vice President, Development at Morguard Investments Limited, 905-281-5817