Morguard completes acquisition of Revenue Properties

    MISSISSAUGA, ON, Nov. 28 /CNW/ - Morguard Corporation ("Morguard") (TSX:
MRC) and Revenue Properties Company Limited ("RPCL") (TSX: RPC), hereby
announce the completion of the previously announced amalgamation (the
"Amalgamation") of RPCL and 2187675 Ontario Inc. ("2187675"), an indirect
wholly-owned subsidiary of Morguard. The Amalgamation was approved by the
shareholders of RPCL at a special meeting held on November 19, 2008. The
amalgamated entity will continue to carry on business under the name "Revenue
Properties Company Limited". Morguard now indirectly holds 100% of the new
Revenue Properties Company Limited.
    As described in the RPCL Management Information Circular dated October
20, 2008 and pursuant to the terms of the amalgamation agreement dated
November 27, 2008 among RPCL, 2187675 and Morguard, shareholders of RPCL,
other than Morguard and its affiliates and dissenting shareholders, were
entitled to elect to receive, for each common share of RPCL, either: (i) 0.33
of a common share of Morguard (the "Share Alternative"); or (ii) one
redeemable preferred share (the "Redeemable Preferred Shares") of the new
corporation resulting from the Amalgamation (the "Cash Alternative"), which
Redeemable Preferred Shares have each been redeemed for an aggregate of $12.00
in cash.
    The common shares of Morguard issued in connection with the Share
Alternative are now listed and posted for trading on the Toronto Stock
Exchange.
    As previously announced, applications will be filed to de-list the common
shares of RPCL from trading on the Toronto Stock Exchange and for RPCL to
cease to be a reporting issuer.

    RPCL is a real estate company whose primary focus is the acquisition,
ownership and development of income producing properties in Canada and the
United States. RPCL's diversified portfolio includes approximately 4.5 million
square feet of retail and office space as well as 3,414 residential apartment
suites.

    Morguard is a major Canadian real estate and property management company.
It has extensive retail, office, industrial and residential holdings through
its investments in Morguard REIT and RPCL. Morguard provides management
services to institutional and other investors for commercial and residential
real estate through Morguard Investments Limited and Morguard Residential.