MISSISSAUGA, ON, Nov. 20, 2020 /CNW/ - Morguard Corporation
("Morguard") (TSX: MRC) announced that it acquired 1,577,000
trust units (the "Units") of Morguard Real Estate Investment
Trust (the "REIT") (TSX: MRT.UN), through its participation
in the REIT's distribution reinvestment plan (the "DRIP"),
as follows:
- Between July 15, 2020 and
November 16, 2020, Morguard acquired
1,577,000 Units through the REIT's DRIP representing an aggregate
issue price of $7,501,125.31:
-
- On July 15, 2020, Morguard
acquired 286,876 Units issued at a price of $5.15 per Unit representing an aggregate issue
price of $1,476,091.77;
- On August 14, 2020, Morguard
acquired 298,570 Units issued at a price of $4.98 per Unit representing an aggregate issue
price of $1,487,565.31;
- On September 15, 2020, Morguard
acquired 316,779 issued at a price of $4.73 per Unit representing an aggregate issue
price of $ 1,499,505.07;
- On October 15, 2020, Morguard
acquired 340,136 issued at a price of $4.45 per Unit representing an aggregate issue
price of $1,512,176.63; and
- On November 16, 2020, Morguard
acquired 334,639 issued at a price of $4.56 per Unit representing an
aggregate issue price of $1,525,786.52.
The total Units (1,577,000) acquired by Morguard represent
approximately 2.48% of the outstanding Units (all securityholding
percentages are based on the issued and outstanding Units as of
November 16, 2020) and were acquired at an average weighted
price per Unit of approximately $4.76.
Prior to the acquisitions, Morguard (together with Paros
Enterprises Limited and K. Rai Sahi)
owned 42,039,973 Units (including Units issuable upon conversion of
the convertible debentures of the REIT) representing 67.64% of the
outstanding Units. Following the acquisitions, Morguard (together
with Paros Enterprises Limited and K. Rai
Sahi) owns 43,616,973 Units (including Units issuable upon
conversion of the convertible debentures of the REIT), representing
68.51% of the outstanding Units 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 the
REIT through market transactions, private agreements or otherwise,
including through the DRIP.
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 the 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
The REIT is a closed-end real estate investment trust, which
owns a diversified portfolio of 47 high quality retail, office and
industrial income producing properties in Canada consisting of approximately 8.3 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 and
Morguard North American Residential REIT. Morguard also
provides real estate management services to institutional and other
investors. Morguard's owned and managed portfolio of assets
is valued at $19.4 billion.
Paros Enterprises Limited, is a holding company controlled by K.
Rai Sahi and, together with its
affiliates, owns approximately 60.2% of the outstanding shares of
Morguard.
For more information, visit Morguard.com.
SOURCE Morguard Corporation