Morguard Corporation ("Morguard")
(TSX: MRC) announced today that it has acquired 1,470,331 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 January 9, 2018 and June 3, 2019 at a weighted
average price of $11.46 per Unit.
The Units acquired by Morguard
represent 2.42% of the outstanding Units of Morguard REIT.
Following the acquisitions,
Morguard owns 35,270,089 Units, representing 58.10% of the outstanding
units of Morguard REIT (based on the issued and outstanding Morguard REIT units
as of June 3, 2019).
Morguard (together with Paros
Enterprises Limited and K. Rai Sahi) owns 40,407,692 Units (including Units
issuable upon conversion of the convertible debentures),
representing 66.56% of the outstanding Units of Morguard REIT on a
partially diluted basis (based on the outstanding Units as of June 3, 2019).
Prior to the acquisitions, Morguard (together with Paros Enterprises Limited
and K. Rai Sahi) owned 38,937.811 Units (including Units issuable upon
conversion of the convertible debentures), representing 64.15% 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
Morguard REIT (TSX: MRT.UN) is
a closed-end real estate investment trust, which owns a diversified portfolio
of 49 high quality retail, office and industrial income producing properties in
Canada consisting of approximately 8.6 million square feet of leaseable 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 $21.1 billion.
Paros Enterprises Limited, is a
holding company controlled by K. Rai Sahi and, together with its affiliates,
owns approximately 59.3% of the outstanding shares of Morguard.
For further information:
Morguard Corporation: K. Rai Sahi, Chairman and CEO, T 905-281-3800; Beverley
G. Flynn, Senior Vice President and General Counsel, T 905-281-3800