Morguard REIT Refinances St. Laurent Shopping & Business Centre

On November 9, 2006 Morguard Real Estate Investment Trust completed the early redemption of three series of first mortgage bonds in the aggregate amount of $135 million by way of new long-term bond financing with Metropolitan Life Insurance Company, The Great-West Life Assurance Company and The Canada Life Insurance Company in the aggregate principal amount of $200 million.

The bond financing was secured by St. Laurent Shopping & Business Centre in Ottawa, Ontario. Morguard REIT was represented by Stikeman Elliott LLP, with a team that included Eric Carmona, Melissa Schyven and Ruth Horn with assistance from Jonathan Melmed of Chadbourne & Parke LLP (US securities) and Todd Thomson of Aikins, MacAulay & Thorvaldson LLP (Manitoba securities). Metropolitan Life Insurance Company, The Great-West Life Assurance Company and The Canada Life Assurance Company were represented by Lisa Ader of Metropolitan Life Insurance Company and by Blake, Cassels & Graydon LLP, with a team that included Jim Hilton, Jacob Switzer and Denise Daniel.