Morguard Corporation Increases Ownership Position in Morguard Real Estate Investment Trust

MISSISSAUGA, ON, Nov. 20, 2020 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) announced that it acquired 1,577,000 trust units (the "Units") of Morguard Real Estate Investment Trust (the "REIT") (TSX: MRT.UN), through its participation in the REIT's distribution reinvestment plan (the "DRIP"), as follows:

• Between July 15, 2020 and November 16, 2020, Morguard acquired 1,577,000 Units through the REIT's DRIP representing an aggregate issue price of $7,501,125.31:
  
  
• On July 15, 2020, Morguard acquired 286,876 Units issued at a price of $5.15 per Unit representing an aggregate issue price of $1,476,091.77;
  
  
• On August 14, 2020, Morguard acquired 298,570 Units issued at a price of $4.98 per Unit representing an aggregate issue price of $1,487,565.31;
  
  
• On September 15, 2020, Morguard acquired 316,779 issued at a price of $4.73 per Unit representing an aggregate issue price of $ 1,499,505.07;
  
  
• On October 15, 2020, Morguard acquired 340,136 issued at a price of $4.45 per Unit representing an aggregate issue price of $1,512,176.63; and
  
  
• On November 16, 2020, Morguard acquired 334,639 issued at a price of $4.56    per Unit representing an aggregate issue price of $1,525,786.52.

The total Units (1,577,000) acquired by Morguard represent approximately 2.48% of the outstanding Units (all securityholding percentages are based on the issued and outstanding Units as of  November 16, 2020) and were acquired at an average weighted price per Unit of approximately $4.76.

Prior to the acquisitions, Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owned 42,039,973 Units (including Units issuable upon conversion of the convertible debentures of the REIT) representing 67.64% of the outstanding Units. Following the acquisitions, Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owns 43,616,973 Units (including Units issuable upon conversion of the convertible debentures of the REIT), representing 68.51% of the outstanding Units on a partially diluted basis.

The Units were acquired for investment purposes. Morguard and its affiliates may, from time to time, depending on market and other conditions or relevant factors, increase or decrease its beneficial ownership, control or direction over securities of the REIT through market transactions, private agreements or otherwise, including through the DRIP.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the REIT's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Beverley Flynn at Morguard Corporation, 55 City Centre Drive, Suite 1000, Mississauga, Ontario L5B 1M3.

About Morguard Real Estate Investment Trust

The REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 47 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.3 million square feet of leaseable space.

About Morguard Corporation

Morguard Corporation is a major North American real estate and property management company.  It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors.  Morguard's owned and managed portfolio of assets is valued at $19.4 billion.

Paros Enterprises Limited, is a holding company controlled by K. Rai Sahi and, together with its affiliates, owns approximately 60.2% of the outstanding shares of Morguard.

For more information, visit Morguard.com.

SOURCE Morguard Corporation