("Morguard") (TSX: MRC) and William Osler Health System celebrated a
major milestone with the topping off of the Ancillary Services Building
("ASB") at Etobicoke General Hospital ("EGH").
In 2016, the Morguard-led EGH
Health Partners consortium was awarded the mandate to design, build, finance
and maintain the $56 million medical office building through an alternative
financing arrangement. The six-storey, 156,000 square foot Class A building is
targeting LEED® (Leadership in Energy and Environmental Design) Gold
"Morguard has the
flexibility to provide alternative financing options that offer innovative and
accessible means for the public sector to modernize and replace aging
infrastructure," said K. Rai Sahi, Chairman and CEO, Morguard Corporation.
"We are pleased to join our partners to celebrate a milestone in the development
of this modern facility that will provide world-class medical care in this
The development of the medical
office building is a key component in the expansion and transformation
currently underway at EGH. It replaces the existing building, providing more
than twice the square footage to meet the hospital's growing needs and provides
additional value with connection to the newly constructed EGH patient tower
through a covered pedway on the second storey.
The medical office building was
designed to William Osler Health System's specifications and will be home to
physicians' offices, classrooms and outpatient programs and services including
a fracture clinic, diagnostic imaging and a satellite dialysis program.
"This marks a significant
milestone in the revitalization journey at EGH," said Ann Ford, Vice
President Facilities, Redevelopment and Information Technology at William Osler
Health System. "With the support of our partners, we are excited about the
tremendous progress we are making in transforming this site, which will help
increase access to the health care services most needed by patients and
families in the community."
The project is a hybrid
infrastructure/commercial real estate alternative financing arrangement between
the Morguard-led consortium and William Osler Health System. Under the terms of
the partnership, Morguard will develop, own and operate the building for a
40-year term, with 100% of the space leased to William Osler Health System for
The Morguard-led consortium includes:
Financial Advisor/Arranger and Facilities Manager: Morguard Investments
Financing: RBC Capital Markets
Financing: RBC Insurance
Morguard was joined by
executives from William Osler Health System for a topping off ceremony, a key
milestone in the development process. The ceremony signifies that construction
of the building has reached the top floor and symbolizes months of collaboration
between Morguard and its partners. Construction is on schedule to be
substantially complete by late 2017.
Morguard Corporation is
a major North American real estate company. It has extensive retail,
office, industrial, multi–suite residential, and hotel holdings owned directly,
or through its investment in Morguard REIT (TSX: MRT.UN), Morguard North
American Residential REIT (TSX: MRG.UN) and Temple Hotels Inc. (TSX:TPH).
Morguard also provides real estate management services to institutional and
other investors. Morguard's combined real estate portfolio is valued at $15.9
billion. Visit www.morguard.com.
About Morguard Investments
Limited is a real estate management company that provides strategic advisory
services to institutional clients who are seeking a significant contribution to
their real estate portfolio. Backed by 40 years of proven performance, MIL has
strong investment and management capabilities in multiple asset classes across
retail, office, industrial and multi-suite residential. The company manages
approximately 45 million square feet of commercial space in Canada.
About William Osler Health
William Osler Health
System is a hospital system that serves 1.3 million residents of Brampton,
Etobicoke, and surrounding communities within the Central West Local Health
Integration Network. Osler's emergency departments are among the busiest in
Canada and its labour and delivery program is one of the largest in the
province. William Osler Health System Foundation builds and fosters
relationships in order to raise funds to support William Osler Health System's
capital, education and research priorities at Brampton Civic Hospital,
Etobicoke General Hospital and the new Peel Memorial Centre for Integrated
Health & Wellness. Visit www.williamoslerhs.ca.
For further information: K. Rai
Sahi, Chairman and Chief Executive Officer, 905-281-3800; Margaret Knowles,
Senior Vice President, Development at Morguard Investments Limited,