Morguard REIT Acquires Office Complexes in Calgary and Edmonton, Alberta
December 27 2011 - 12:34AM
PR Newswire (Canada)
TSX: MRT.UN MISSISSAUGA, ON, Dec. 28, 2011 /CNW/ - Morguard Real
Estate Investment Trust ("the Trust") today announced that the
Trust has acquired a fifty percent interest in two office complexes
in Calgary and Edmonton, Alberta at an aggregate purchase price of
$80.7 million (for the Trust's interest). The acquisition was
funded through the issuance of $40.6 million in first mortgage debt
carrying a weighted average interest rate of 3.8% and the balance
through drawings on the Trust's lines of credit. The office complex
in Edmonton contains 304,000 square feet of leaseable area and is
currently 100% leased with the largest tenant being the Province of
Alberta which occupies approximately 95% of the rentable space. The
office property in Calgary contains 78,315 square feet of leaseable
area all of which space is under long term lease to a major
Canadian engineering services organization. About Morguard Real
Estate Investment Trust Morguard REIT is a closed-end real estate
investment trust, which owns a diversified portfolio of 53 high
quality retail, office and industrial properties in Canada with an
approximate asset book value of $2.1 billion and approximately 8.5
million square feet of leaseable space. Morguard Real Estate
Investment Trust CONTACT: Mr. K (Rai) Sahi Mr. T.J. WalkerChief
Executive Officer Chief Financial OfficerEmail: rsahi@morguard.com
Email: twalker@morguard.comMorguard Real Estate Investment Trust55
City Centre Drive, Suite 1000Mississauga, ONL5B 1M3T:
905-281-4800F: 905-281-4818Website: www.morguardreit.com
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