Business
Morguard Announces Office and Industrial Acquisitions in Edmonton, AB Totaling $200 Million CDN
MISSISSAUGA, ON , Dec. 16, 2013 /CNW/ - Morguard Investments Limited ("Morguard") announ...
About this update from Morguard Corporation
[{"type":"text","content":"\n\n\nMISSISSAUGA, ON, Dec. 16, 2013 /CNW/ - Morguard Investments Limited\n (\"Morguard\") announced today that it closed two separate deals on\n behalf of its pension fund clients to purchase a Class A Office tower\n and a Class A Industrial portfolio in Edmonton, AB totaling more than\n $200 million CDN.\n\n\nThe first purchase agreement features a 372,000 SF Class A Office tower\n acquired by Morguard on behalf of the Healthcare of Ontario Pension\n Plan (HOOPP) and another pension fund client. Located at 44 Capital in\n downtown Edmonton at the centre of the Government District, it is the\n largest and most prestigious Office building in the area. The property\n boasts one of the strongest credit rent rolls in Canada with high\n investment grade tenants.\n\n\nThe second purchase agreement features a Class A Industrial portfolio\n acquired by Morguard on behalf of MIL Industrial Fund II Limited\n Partnership and a pension fund client. The 544,000 SF institutional\n grade, five building portfolio has a strong mix of service,\n manufacturing and distribution tenants providing excellent income\n diversification and is 100% leased. These new generation buildings are\n located in Edmonton, AB, considered one of the strongest industrial\n markets in Canada. The Industrial Portfolio includes: Brier Business\n Centre (9404 39 Avenue NW), Loomis Express (10918 184 Street NW), EMCO\n (10930 184 Street NW), Crossroads A (11104 180 Street NW) and\n Crossroads B (18003 114 Avenue NW).\n\n\n\"Edmonton is experiencing robust growth and is a market that we see as\n offering solid investment opportunities for institutional investors,\"\n said Stephen Taylor, President and COO, Morguard Investments Limited. \n \"The City recorded the highest level of GDP growth across the major\n metropolitan markets in Canada in 2012 expanding at 5.1%, well above\n the national average of 1.9%.  This is due to its unique position to\n support vital services to the oil and gas industry.\"\n\n\n\"The Class A Office acquisition is further affirmation of HOOPP's\n commitment to its investment platform in Edmonton, which includes the\n substantial ownership of Telus Plaza and an expanding industrial\n portfolio,\" said Michael Catford, VP Real Estate, HOOPP.  \"We are\n pleased to be associated with Morguard and our pension fund partner in\n this ne...