Morguard Corporation Completes take-over Bid for Revenue Properties Company Limited

    MISSISSAUGA, ON, Aug. 27 /CNW/ - Morguard Corporation (MRC: TSX)
("Morguard") today announced that it has completed its offer to acquire any
and all of the outstanding common shares of Revenue Properties Company Limited
(RPC: TSX) ("RPCL") that it does not already own, pursuant to its takeover bid
dated June 10, 2008, as previously extended by notice of extension.
    Morguard announced that as at 6:00 p.m. (Toronto time) on August 27, 2008
an additional 56,884 common shares of RPCL were validly deposited to
Morguard's offer to acquire all of the outstanding common shares of RPCL not
already owned by Morguard or its affiliates for, at the election of each
holder, 0.33 of a Morguard common share or Cdn.$12.00 (the "Offer").
    Morguard has taken up all such common shares deposited to the Offer
during such period and payment will be made on or before September 2, 2008 to
RPCL shareholders who have validly deposited their common shares under the
Offer. Combined with the common shares of RPCL previously taken up by
Morguard, Morguard and its affiliates now own, directly or indirectly,
8,921,539 common shares of RPCL or approximately 82.4% of the outstanding
common shares of RPCL.
    Morguard intends to take the appropriate steps to proceed with a meeting
of shareholders of RPCL to seek the approval of a subsequent acquisition
transaction, through which it would acquire all of the remaining outstanding
RPCL common shares, as soon as possible and in any event, within 120 days
after the expiry date.

    Morguard Corporation 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 Revenue
Properties Company Limited. Morguard provides management services to
institutional and other investors for commercial and residential real estate
through Morguard Investments Limited and Morguard Residential.