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