MISSISSAUGA, ON, Sept. 8,
2023 /CNW/ - Morguard Corporation ("Morguard")
(TSX: MRC) announced that it acquired 1,331,821 trust units (the
"Units") of Morguard Real Estate Investment Trust (the
"REIT") (TSX: MRT.UN), through the facilities of the Toronto
Stock Exchange and alternative Canadian trading systems.
The total Units acquired by Morguard represent approximately
2.07% of the outstanding Units (all securityholding percentages are
based on the issued and outstanding Units as of September 1, 2023 and were acquired at an average
weighted price per Unit of approximately $5.45.
Prior to the acquisitions, Morguard (together with Paros
Enterprises Limited and K. Rai Sahi)
owned 50,534,774 Units (including Units issuable upon conversion of
the convertible debentures of the REIT) representing 78.67% of the
outstanding Units. Following the acquisitions, Morguard (together
with Paros Enterprises Limited and K. Rai
Sahi) owns 51,866,595 Units (including Units issuable upon
conversion of the convertible debentures of the REIT), representing
80.72% of the outstanding Units.
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 the
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 the REIT's profile on SEDAR
(www.sedarplus.ca) 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
The REIT is a closed-end real estate investment trust, which
owns a diversified portfolio of 46 high quality retail, office and
industrial income producing properties in Canada consisting of approximately 8,2 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 and
Morguard North American Residential REIT. Morguard also
provides real estate management services to institutional and other
investors. Morguard's owned and managed portfolio of assets is
valued at $18.6 billion.
Paros Enterprises Limited, is a holding company controlled by K.
Rai Sahi and, together with its
affiliates, owns approximately 61.9% of the outstanding shares of
Morguard.
For more information, visit Morguard.com.
SOURCE Morguard Corporation