Morguard Corporation Increases Ownership Position in Morguard Real Estate Investment Trust
MISSISSAUGA, ON, Aug. 18, 2017 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) announced today that it has acquired 1,238,575 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 March 15, 2017 and August 16, 2017 at a weighted average price of $15.18 per Unit.
The Units acquired by Morguard represent 2.04% of the outstanding Units of Morguard REIT.
Following the acquisitions, Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owns 37,639,015 Units (including Units issuable upon conversion of the convertible debentures), representing 62.08% of the outstanding Units of Morguard REIT on a partially diluted basis (based on the outstanding Units as of August 17, 2017). Prior to the acquisitions, Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owned 35,491,784 Units (including Units issuable upon conversion of the convertible debentures), representing 58.19% 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 retail, office and industrial income producing properties in Canada with a book value of $2.9 billion and approximately 8.7 million square feet of leasable 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 $21.9 billion.
Paros Enterprises Limited, is a holding company controlled by K. Rai Sahi, and together with its affiliates owns approximately 56% of the outstanding shares of Morguard.
For more information, visit Morguard.com.
SOURCE Morguard Corporation
Morguard Corporation: K. Rai Sahi, Chairman and CEO, T 905-281-3800; Beverley G. Flynn, Secretary, T 905-281-3800