Morguard Corporation acquires retail complex in Palm Beach County, Florida

MISSISSAUGA, ON, March 3 /CNW/ - Morguard Corporation (the "Corporation") (TSX: MRC) today announced that it has acquired Boynton Town Centre, a newly constructed, 408,700 square foot community shopping centre in the city of Boynton Beach, Florida. The property is anchored by a 184,700 square foot SuperTarget (shadow anchor), Michael's, Best Buy, and Total Wine & More. The acquisition was completed for US$59 million (excluding closing costs) and was funded with cash from the Company's credit facilities.

About Morguard Corporation

Morguard Corporation is a real estate company which owns a diversified portfolio of 101 retail, multi-unit residential, office and industrial properties comprising 10,297 multi-unit residential suites and approximately 7.1 million square feet of commercial leasable space. Morguard Corporation also owns a 45% interest in Morguard Real Estate Investment Trust. Morguard provides advisory and management services to institutional and other investors through Morguard Investments Limited and Morguard Residential. For more information, visit the Company's website at www.morguard.com.