This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Morguard Announces Office And Industrial Acquisitions In Edmonton, AB Totaling $200 Million CDN

MISSISSAUGA, ON, Dec. 16, 2013 /CNW/ - Morguard Investments Limited ("Morguard") announced today that it closed two separate deals on behalf of its pension fund clients to purchase a Class A Office tower and a Class A Industrial portfolio in Edmonton, AB totaling more than $200 million CDN.

The first purchase agreement features a 372,000 SF Class A Office tower acquired by Morguard on behalf of the Healthcare of Ontario Pension Plan (HOOPP) and another pension fund client. Located at 44 Capital in downtown Edmonton at the centre of the Government District, it is the largest and most prestigious Office building in the area. The property boasts one of the strongest credit rent rolls in Canada with high investment grade tenants.

The second purchase agreement features a Class A Industrial portfolio acquired by Morguard on behalf of MIL Industrial Fund II Limited Partnership and a pension fund client. The 544,000 SF institutional grade, five building portfolio has a strong mix of service, manufacturing and distribution tenants providing excellent income diversification and is 100% leased. These new generation buildings are located in Edmonton, AB, considered one of the strongest industrial markets in Canada. The Industrial Portfolio includes: Brier Business Centre (9404 39 Avenue NW), Loomis Express (10918 184 Street NW), EMCO (10930 184 Street NW), Crossroads A (11104 180 Street NW) and Crossroads B (18003 114 Avenue NW).

" Edmonton is experiencing robust growth and is a market that we see as offering solid investment opportunities for institutional investors," said Stephen Taylor, President and COO, Morguard Investments Limited.  "The City recorded the highest level of GDP growth across the major metropolitan markets in Canada in 2012 expanding at 5.1%, well above the national average of 1.9%.  This is due to its unique position to support vital services to the oil and gas industry."

"The Class A Office acquisition is further affirmation of HOOPP's commitment to its investment platform in Edmonton, which includes the substantial ownership of Telus Plaza and an expanding industrial portfolio," said Michael Catford, VP Real Estate, HOOPP.  "We are pleased to be associated with Morguard and our pension fund partner in this new acquisition."

Morguard will assume property management and asset management for both the Class A Office tower and Industrial portfolio acquisitions.  The purchase agreements add more than 900,000 SF of Office and Industrial assets to Morguard's total assets under management valued at approximately $14.7 billion.

About Morguard Morguard Investments Limited, a wholly-owned subsidiary of Morguard Corporation (TSX: MRC), provides real estate advisory services to institutional investors. Morguard Corporation is a major North American real estate and property management company.  It has extensive retail, office, industrial and residential holdings owned directly and through its investment in Morguard REIT (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN).

About the Healthcare of Ontario Pension Plan

Created in 1960, HOOPP is the pension plan of choice for Ontario's hospital and community-based healthcare sector with over 440 participating healthcare organizations. HOOPP's 274,000 members include nurses, medical technicians, food services staff and laundry workers, and many other people who work hard to provide valued Ontario healthcare services.  As a defined benefit plan, HOOPP provides eligible members with a retirement income based on a formula that takes into account a member's earnings history and length of service in the Plan. Once eligible members start receiving a pension, they receive it for life.

SOURCE Morguard Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%
TSLA $247.54 -0.07%
YHOO $36.59 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs