Morguard Corporation ("Morguard")
(TSX: MRC) announced today that it has acquired 1,298,796 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 August 22, 2017 and January 8, 2018 at a
weighted average price of $14.13 per Unit.
The Units acquired by Morguard
represent 2.14% of the outstanding Units of Morguard REIT.
Following the acquisitions,
Morguard owns 33,924,708 Units, representing 55.90% of the outstanding units of
Morguard REIT (based on the issued and outstanding Morguard REIT units as of
January 2, 2018).
Morguard (together with Paros
Enterprises Limited and K. Rai Sahi) owns 38,937,811 Units (including Units
issuable upon conversion of the convertible debentures), representing 64.16% of
the outstanding Units of Morguard REIT on a partially diluted basis (based on
the outstanding Units as of January 2, 2018). Prior to the acquisitions,
Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owned
37,639,015 Units (including Units issuable upon conversion of the convertible
debentures), representing 62.01% 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 8.7 million square feet of
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
Paros Enterprises Limited, is a
holding company controlled by K. Rai Sahi, and together with its affiliates
owns approximately 56.5% of the outstanding shares of Morguard.
For more information, visit
For further information:
Morguard Corporation ,K. Rai Sahi, Chairman and CEO, T 905-281-3800; Beverley
G. Flynn, Secretary, T 905-281-3800