Morguard REIT Announces Normal Course Issuer Bid

    TORONTO, Jan. 24 /CNW/ - Morguard Real Estate Investment Trust (TSX:
MRT.UN) ("Morguard") announced today that the Toronto Stock Exchange has
accepted the notice filed by Morguard of its intention to make normal course
issuer bid.
    The notice provides that Morguard may, during the twelve month period
commencing January 28, 2008 and ending January 27, 2009, purchase for
cancellation on the Toronto Stock Exchange up to 3,368,229 units ("Units") in
total, being approximately 10% of the public float of the issued and
outstanding Units. The price which Morguard will pay for any such Units will
be the market price at the time of acquisition. The actual number of Units
which may be purchased and the timing of any such purchases will be subject to
compliance with the TSX guidelines.
    Under the current normal course issuer bid due to expire January 25,
2008, Morguard purchased 62,800 Units for cancellation during the last twelve
months at an average cost per unit of $12.66. As of January 22, 2008 there
were 59,054,705 Units of Morguard outstanding. Morguard's average daily
trading volume for the prior six months is 49,285.
    Morguard believes that the purchase of its Units have been trading in a
price range which does not adequately reflect the value of such Units in
relation to the business of Morguard and its future business prospects. As a
result, depending upon future price movements and other factors, Morguard
believes that its outstanding Units may represent an attractive investment for
itself. Furthermore, the purchases are expected to benefit all persons who
continue to hold Units by increasing their equity interest in Morguard. All
Units purchased by Morguard under the normal course issuer bid will be
cancelled.

    Morguard is a closed-end real estate investment trust, which owns a
diversified portfolio of high quality retail, office and industrial properties
in Canada with a book value of approximately $1.2 billion and approximately
8.1 million square feet of leaseable space.