MISSISSAUGA, ON, Jan. 10, 2018 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) announced today that it has acquired 1,298,796 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 August 22, 2017 and January 8, 2018 at a weighted average price of $14.13 per Unit.
The Units acquired by Morguard represent 2.14% of the outstanding Units of Morguard REIT.
Following the acquisitions, Morguard owns 33,924,708 Units, representing 55.90% of the outstanding units of Morguard REIT (based on the issued and outstanding Morguard REIT units as of January 2, 2018).
Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owns 38,937,811 Units (including Units issuable upon conversion of the convertible debentures), representing 64.16% of the outstanding Units of Morguard REIT on a partially diluted basis (based on the outstanding Units as of January 2, 2018). Prior to the acquisitions, Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owned 37,639,015 Units (including Units issuable upon conversion of the convertible debentures), representing 62.01% of the outstanding Units of Morguard REIT on a partially diluted basis.
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 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.7 million square feet of leaseable space.
About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust, Morguard North American Residential REIT and Temple Hotels Inc. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $22.0 billion.
Paros Enterprises Limited, is a holding company controlled by K. Rai Sahi, and together with its affiliates owns approximately 56.5% of the outstanding shares of Morguard.
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