Morguard Corporation Increases Ownership Position in Morguard Real Estate Investment Trust
MISSISSAUGA, ON, Oct. 11, 2012 /CNW/ - Morguard Corporation (TSX: MRC) ("Morguard"), announced today that it has acquired 1,218,100 units of Morguard Real Estate Investment Trust (TSX: MRT.UN) ("Morguard REIT") in a number of market purchases completed between June, 2012 and October 10, 2012, at a weighted average price of $17.61 per unit, through the facilities of the Toronto Stock Exchange. As of September 30, 2012, there were 61,099,559 units outstanding of Morguard REIT. Following the acquisitions, Morguard owns 27,399,005 units, representing 44.84% of the outstanding units of Morguard REIT (based on the issued and outstanding Morguard REIT units as of September 30, 2012).
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 other 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 $2.2 billion and approximately 8.5 million square feet of leaseable space.
Morguard Corporation is a major Canadian real estate and property management company. It has extensive retail, office, industrial and residential holdings owned directly and through its investment in Morguard REIT and Morguard North American Residential Real Estate Investment Trust. Morguard provides management services to institutional and other investors for commercial and residential real estate through Morguard Investments Limited and Morguard Residential.
SOURCE Morguard Corporation