Morguard Corporation increases ownership position in Morguard Real Estate Investment Trust
MISSISSAUGA, ON, June 4, 2012 /CNW/ - Morguard Corporation (TSX: MRC) ("Morguard"), announced today that it has acquired an additional 100,000 units of Morguard Real Estate Investment Trust (TSX: MRT.UN) ("Morguard REIT"), at a price of $16.50 per unit, through the facilities of the Toronto Stock Exchange. There are currently 58,103,436 units outstanding. Together with the acquisition of 211,500 units through the facilities of the Toronto Stock Exchange in 2012, at an average per unit price of approximately $16.44, Morguard now owns 26,180,905 units, representing 45.06% of the outstanding Units.
The units were acquired for investment purposes only and Morguard could increase or decrease its investment in Morguard REIT depending on market conditions or any relevant factors.
Morguard REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 53 high quality retail, office and mixed-use properties in Canada with an approximate value of $2.1 billion and approximately 8.5 million square feet of leaseable space.
Morguard Corporation is a real estate company which owns a diversified portfolio of 100 retail, multi-unit residential, office and industrial properties comprising 10,509 multi-unit residential suites and approximately 7.1 million square feet of commercial leasable space. Morguard Corporation also owns a 44.8% interest in Morguard Real Estate Investment Trust and a 67.6% effective interest in Morguard North American Residential Real Estate Investment Trust. Morguard provides advisory and management services to institutional and other investors through Morguard Investments Limited and Morguard Residential. For more information, visit the Company's website at www.morguard.com
SOURCE Morguard Corporation