Mr. Rai Sahi reports

MORGUARD ANNOUNCES THE SALE OF 181 QUEEN STREET IN OTTAWA

Morguard Corp. has sold 181 Queen St. in Ottawa to Public Works and Government Services (the purchaser). The sale was transacted at $125.3-million, or approximately $500 per square foot, with a portion of the proceeds used to repay a first mortgage in the amount of $57.7-million.

The transaction was initiated pursuant to the purchaser's decision to exercise an option to purchase the property at fair market value, as outlined in the lease agreement.

Morguard proudly remains one of the largest holders of office properties in downtown Ottawa, with a portfolio of over 3.3 million square feet. This includes the acquisition of a 50-per-cent interest in 215 Slater finalized in December, 2022, further strengthening Morguard's presence in the region.

About Morguard Corp.

Morguard is a major North American real estate and property management company. Morguard has extensive retail, office, industrial 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 $17.9-billion.