Morguard North American Residential REIT and HOOPP Enter Joint Venture on Prominent Downtown Chicago Residential High-Rise

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[{"type":"text","content":"\n\n\n\nMorguard North American Residential REIT and HOOPP Enter Joint Venture on Prominent Downtown Chicago Residential High-Rise\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, Oct. 26, 2017\n\n\n\nMISSISSAUGA, ON, Oct. 26, 2017 /CNW/ - Morguard North American Residential Real Estate Investment Trust (the \"REIT\") (TSX: MRG.UN) announced today the completion of a joint venture with Healthcare of Ontario Pension Plan (\"HOOPP\") of Coast at Lakeshore East (\"Coast\"), a 515-suite urban rental high-rise in Chicago's desirable Loop district. \n\n\n \n \n\n \nThe REIT completed the acquisition of Coast in July 2017 for a purchase price of $287.5 million (US$222.5 million). Under the terms of the agreement, the REIT and HOOPP will own the property on a 51/49 basis, respectively. Morguard Management Company, a subsidiary of Morguard Corporation, will act as property and leasing manager as well as provide advisory services.  \n\n\"Coast is a premium multi-suite residential property in a major U.S. urban market, making it a unique investment opportunity for the REIT and our partners at HOOPP,\" said K. Rai Sahi, Chairman and Chief Executive Officer of the REIT. \"The Coast acquisition supports Morguard's strategic initiative to acquire clusters of premium properties in key urban markets while allowing our Canadian institutional clients to diversify their real estate portfolio in the U.S.\"\n\nCoast is the REIT's second joint venture acquisition with HOOPP in the U.S. The entities previously partnered on a mid-rise rental apartment community in Florida.\n\n\"We're delighted to continue our partnership with Morguard on this new investment opportunity,\" said Richard Varkey, Senior Portfolio Manager at HOOPP. \"This joint venture allows HOOPP to continue to expand our U.S. portfolio with our first Chicago investment in a well-located, high-quality real estate asset that will provide stable income and tangible long-term growth potential.\"\n\nCoast is a 46-storey Class A property prominently located in the Lakeshore East master planned com...

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