MISSISSAUGA, ON, June 29, 2020 /CNW/ – Morguard Corporation (“Morguard“) (TSX: MRC) announced that that it acquired 1,632,281 trust units (the “Units“) of Morguard Real Estate Investment Trust (the “REIT“) (TSX: MRT.UN), through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems and by way of a private transaction through the REIT’s distribution reinvestment plan (the “DRIP“), as follows:
Between June 6, 2019, and December 19, 2019, through three separate transactions using the facilities of the Toronto Stock Exchange and alternative Canadian trading systems, Morguard acquired 250,393 Units for a total purchase price of $2,915,835.22:
On June 6, 2019, Morguard acquired 25,000 Units at a price per Unit of $12.32, for a total purchase price of $308,000.00;
On December 16, 2019, Morguard acquired 140,393 Units at a price per Unit of $11.54, for a total purchase price of $1,620,135.22; and
On December 19, 2019, Morguard acquired 85,000 Units at a price per Unit of $11.62 for a total purchase price of $987,700.00.
Between April 15, 2020 and June 15, 2020, Morguard acquired 1,381,888 Units through the REIT’s DRIP representing an aggregate issue price of $7,196,830.88:
On April 15, 2020, Morguard acquired 574,555 Units issued at a price of $4.95 per Unit representing an aggregate issue price of $2,844,047.25;
On May 15, 2020, Morguard acquired 534,750 Units issued at a price of $5.40 per Unit representing an aggregate issue price of $2,887,650.00; and
On June 15, 2020, Morguard acquired 272,583 issued at a price of $5.38 per Unit representing an aggregate issue price of $1,465,133.63.
The total Units (1,632,281) acquired by Morguard represent approximately 2.63% of the outstanding Units (all securityholding percentages are based on the issued and outstanding Units as of June 15, 2020) and were acquired at an average weighted price per Unit of approximately $6.20.
Prior to the acquisitions, Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owned 40,407,692 Units (including Units issuable upon conversion of the convertible debentures of the REIT) representing 66.56% of the outstanding Units. Following the acquisitions, Morguard (together with Paros Enterprises Limited and K. Rai Sahi) owns 42,039,973 Units (including Units issuable upon conversion of the convertible debentures of the REIT), representing 67.64% of the outstanding Units on a partially diluted basis.
The Units were acquired for investment purposes. Morguard and its affiliates may, from time to time, depending on market and other conditions or relevant factors, increase or decrease its beneficial ownership, control or direction over securities of the REIT through market transactions, private agreements or otherwise, including through the DRIP.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the REIT’s profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Beverley Flynn at Morguard Corporation, 55 City Centre Drive, Suite 1000, Mississauga, Ontario L5B 1M3.
About Morguard Real Estate Investment Trust
The REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 48 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.4 million square feet of leaseable space.
About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust, Morguard North American Residential REIT and Temple Hotels Inc. Morguard also provides real estate management services to institutional and other investors. Morguard’s owned and managed portfolio of assets is valued at $20.1 billion.
Paros Enterprises Limited, is a holding company controlled by K. Rai Sahi and, together with its affiliates, owns approximately 59.5% of the outstanding shares of Morguard.
For further information: Morguard Corporation, K. Rai Sahi, Chairman and CEO, T 905-281-3800; Beverley G. Flynn, Senior Vice President and General Counsel, T 905-281-3800
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
