19:10:33 EDT Thu 31 Oct 2024
Enter Symbol
or Name
USA
CA



Morguard Corp
Symbol MRC
Shares Issued 10,813,338
Close 2024-03-06 C$ 113.73
Market Cap C$ 1,229,800,931
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ORIGINAL: Morguard Announces the Sale of 181 Queen Street in Ottawa

2024-03-07 12:24 ET - News Release

Morguard Announces the Sale of 181 Queen Street in Ottawa

Canada NewsWire

MISSISSAUGA, ON, March 7, 2024 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) today announced the sale of 181 Queen Street in Ottawa to Public Works and Government Services ("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% interest in 215 Slater finalized in December 2022, further strengthening Morguard's presence in the region.

About Morguard Corporation

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 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.

Please visit www.morguard.com or follow us on LinkedIn.

SOURCE Morguard Corporation

Cision View original content: http://www.newswire.ca/en/releases/archive/March2024/07/c7161.html

Contact:

K. Rai Sahi, Chairman and Chief Executive Officer; Paul Miatello, Chief Financial Officer; (905) 281-3800; or email corporatemarketing@morguard.com

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