Update: Morguard Corporation bid for Revenue Properties Company Limited

    MISSISSAUGA, ON, June 5 /CNW/ - Morguard Corporation (MRC:TSX)
("Morguard") today announced that, pursuant to it's previously announced
intention to make an offer for all of the issued and outstanding common shares
of Revenue Properties Company Limited (RPC:TSX) ("RPCL") that it does not
already own, the Special Committee of the Board of Directors of RPCL has
delivered the valuation of RPCL's common shares prepared by the independent
    It is Morguard's intention to shortly finalize and mail the take-over bid
circular to RPCL shareholders which will incorporate the valuation. Morguard
confirms its intention to offer, at the election of each holder, (i) 0.33 of a
common share of Morguard or (ii) CDN$12.00 cash for each one common share of
    Morguard has cash resources available to finance the offer. The offer
will only be subject to a material adverse change at RPCL condition. If
sufficient RPCL common shares are tendered to the offer, Morguard intends to
take the appropriate steps either by way of compulsory acquisition or
subsequent acquisition transaction to acquire the remaining outstanding shares
of RPCL.
    Morguard currently owns 72.6% of the outstanding common shares of RPCL.

    Morguard Corporation is a major Canadian real estate and property
management company. It has extensive retail, office, industrial and
residential holdings through its investments in Morguard REIT and Revenue
Properties Company Limited. Morguard provides management services to
institutional and other investors for commercial and residential real estate
through Morguard Investments Limited and Morguard Residential.

For further information:

For further information: Paul Miatello, Chief Financial Officer, Tel:
(905) 281-3800, Fax: (905) 281-5890, pmiatello@morguard.com, www.morguard.com

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