Morguard Acquires Prime Edmonton Property for International Client

    TORONTO, July 29 /CNW/ - Morguard Investments Limited (MIL) is pleased to
announce the acquisition of 9915 & 9945 108th Street, Edmonton, AB -
"Petroleum Plaza" on behalf of our investor client DEGI Deutsche Gesellschaft
fur Immobilienfonds m.b.H. (DEGI). The acquisition of Petroleum Plaza was
completed at a total consideration of $130 million, representing 100% freehold
interest.
    Petroleum Plaza is located in downtown Edmonton in an area known as the
Government District, and is comprised of two office towers with an aggregate
rentable area of 315,065 sq. ft. connected by a retail podium at grade. The
Property fronts onto Capital Boulevard (108th Street) and lies between 100th
Avenue to the north and 99th Avenue to the south. The Alberta Government, the
strongest provincial government in Canada and the only provincial government
to have a AAA credit rating from all of the major rating agencies, leases
approximately 95% of the Property's rentable area and whose lease term extends
to December 31st, 2020. MIL will provide both asset management and property
management services.
    According to Barbel Schomberg, Chairman of DEGI's Supervisory Board:
"Canada ranks among the world's strongest economies, with a remarkably dynamic
performance. In the last 5 years, average economic growth has consistently
topped 4%. This we found a cogent argument for expanding DEGI INTERNATIONAL's
portfolio in Canada".
    Morguard is proud to represent DEGI - one of Europe's leading real estate
portfolio managers with assets under management totaling $6.4 billion euros.
"DEGI has expressed an objective of weighting its real estate portfolio
outside of Europe to 40%" says Stephen Taylor, President of Morguard
Investments Limited. "We offer the perfect blend of investment management
experience and expertise to fulfill those ambitious investment requirements."

    Morguard Investments Limited is one of Canada's premier real estate
investment advisors and management companies representing major institutional
and private investors. With more than $7.5 billion in assets under management,
Morguard provides a full range of asset and property management, acquisition,
development and leasing services. Morguard's diversified portfolio includes
more than 40 million square feet of office, industrial, retail, residential
and mixed-use properties. It employs more than 800 staff in nine offices
across the country.