("Morguard") (TSX: MRC), a fully integrated North American real
estate company, announced today that the company has purchased the Argus
Corporate Centre, a five-storey Class A suburban office building located at 586
Argus Road in Oakville, ON. The acquisition was completed for a purchase price
of $18.5 million, excluding taxes and transaction costs.
"An excellent location and
a solid existing tenant base make the Argus Corporate Centre a valuable
acquisition for Morguard," said K. Rai Sahi, Chairman and Chief Executive
Officer of Morguard. "This acquisition supports our long-term strategy of
investing in diversified, high-quality assets in North America that will
provide a steady cash flow and a solid return on investment."
The property is conveniently
located within 200 meters of the Oakville GO and VIA Rail transit hub and
offers easy access to the QEW/403, 410, 407 and 401 highways. With high visual
exposure to the QEW, the property also provides excellent signage and promotional
opportunities for tenants.
The Argus Corporate Centre is
located in the heart of Midtown Oakville, a designated urban growth centre
under the development plan of the Province of Ontario. The City of Oakville is
targeting residential and commercial intensification as well as significant
transit and infrastructure investment in the neighbourhood immediately
surrounding the property. Under the plan, the Argus Corporate Centre will be
re-zoned to have the highest commercial density within the development area.
"Investment from the City
of Oakville and the Province of Ontario in the infrastructure and transit
surrounding the property makes the Argus Corporate Centre a key strategic
acquisition," said Sahi. "The property's central location within the
Midtown Oakville development zone provides excellent long-term growth and
development potential for Morguard."
The 74,600 square foot building
is currently 100% occupied by seven tenants in diverse industries including
video game development, independent medical services, software development and
legal services. The proposed residential intensification and infrastructure
improvements planned as part of the Midtown Oakville development, as well as
the proximity to Sheridan College, will continue to make the property highly
attractive to tenants.
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 owned and managed portfolio of assets is valued at
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For further information: K. Rai
Sahi, Chairman and Chief Executive Officer, 905-281-3800; Paul Miatello, Chief
Financial Officer, 905-281-3800 or email email@example.com