Business
Morguard Announces Canadian Retail Acquisitions
MISSISSAUGA, ON , Nov. 21, 2013 /CNW/ - Morguard Investments Limited ("Morguard") announ...
About this update from Morguard Corporation
[{"type":"text","content":"\n\n\nMISSISSAUGA, ON, Nov. 21, 2013 /CNW/ - Morguard Investments Limited\n (\"Morguard\") announced today that it has agreed to purchase three\n regional shopping centres in Canada on behalf of its clients,\n Healthcare of Ontario Pension Plan (\"HOOPP\") and Morguard Real Estate\n Investment Trust (the \"REIT\") (TSX: MRT.UN) from Canada Pension Plan\n Investment Board (\"CPPIB\") for a purchase price totaling more than $500\n million CDN (excluding closing costs).\n\n\nThe acquisition is expected to close on or about December 12, 2013 and\n conditions, other than customary closing conditions, have now been\n satisfied.\n\n\nHOOPP will acquire a 100 percent freehold interest in two Ontario retail\n properties including Intercity Shopping Centre located in Thunder Bay\n and New Sudbury Shopping Centre located in Sudbury.  Intercity Shopping\n Centre is a 460,349 square feet market dominant single level enclosed\n regional shopping centre built in 1982, renovated and expanded from\n 1994 to 1996, and anchored by Sears and Target department stores.  New\n Sudbury Centre is a 567,673 square foot market dominant single level\n enclosed regional shopping centre built in 1956, most recently\n renovated in 2005, and anchored by a Wal-Mart Supercentre and a Sears\n department store.\n\n\n\"Market dominant retail assets, such as these two commercial shopping\n malls, align with our commitment to pursue high-quality assets for\n HOOPP's real estate portfolio,\" said Michael Catford, HOOPP's VP, Real\n Estate. \"Real estate is an important part of how HOOPP delivers on the\n pension promise for its members - it delivers steady,\n inflation-sensitive income, with the potential for long-term capital\n appreciation, which makes it an ideal match for our stakeholders.\"\n\n\nMorguard Real Estate Investment Trust will acquire a 100 percent\n freehold interest in Pine Centre Mall located in Prince George, BC. \n Pine Centre Mall is a 475,177 square foot market dominant, single level\n enclosed regional shopping centre built in 1974, renovated and expanded\n in 2008 with a strong and diversified tenant mix anchored by Target and\n Sears department stores.\n\n\n\"Well occupied and dominant regional shopping centres in performing\n markets complement our established retail portfolio,\" said Rai Sahi,\n Chairman and CEO of Morguard. ...