Morguard Corporation and Morguard REIT Purchase of a Premier Downtown Ottawa Mixed-use Commercial Complex

On December 28, 2007, Morguard Corporation and Morguard REIT acquired a premier mixed-use commercial complex in downtown Ottawa from Pensionfund Realty Limited. The complex occupies substantially the entire block between Sparks Street, Bay Street, Lyon Street and Queen Street. The complex includes a 12-storey, 171,311 square foot first class office building, together with a Delta-branded hotel consisting of two towers containing 328 guest rooms. The complex is owned and will be operated though a joint venture arrangement between Morguard Corporation and Morguard REIT and was acquired at a purchase price of $75.28 million.

Morguard Corporation was represented by Secretary and General Counsel Beverley Flynn, with the assistance of a team from McMillan Binch Mendelsohn LLP of Toronto, composed of George Payne, David Slan, Robert Antenore and Eric Tilley.

Morguard REIT was represented by Eric Carmona and Melissa Schyven of Stikeman Elliott LLP.
The vendor, Pensionfund Realty Limited, was represented by a team from Fraser Milner Casgrain LLP of Ottawa, composed of Philip Rimer, Shannon Miller and Jaclyn Marmara.
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