Morguard REIT Refinances 17 Properties Across Canada

On December 22, 2005, Morguard Real Estate Investment Trust completed the early redemption of three series of mortgage bonds in the aggregate amount of approximately $157 million by way of new long-term financing secured by 17 of its retail and industrial properties located in Alberta, British Columbia, Ontario and Quebec through 12 individual mortgage loans entered into on December 20, 2005, with the Great-West Life Assurance Company and London Life Insurance Company in the aggregate of $103 million, and a mortgage loan entered into on December 15, 2005, with Metropolitan Life Insurance Company in the principal amount of $75 million.

Morguard REIT was represented by Stikeman Elliott LLP with a team that included Eric Carmona and Melissa Schyven in Toronto, Valérie Mac-Seing in Montreal and Virginia Wigmore in Vancouver, and assisted by Ron Sorokin at Witten LLP in Edmonton. Great-West Life and London Life were represented by McCarthy Tétrault LLP with a team that included Abraham Costin, Tzen-Yi Goh and David Bross in Toronto, John Sullivan in Montreal and Jill Pereira in Vancouver. MetLife was represented by Blake, Cassels & Graydon LLP with a team that included Jim Hilton in Toronto, Yannick Beaudoin in Montreal, Rick Dawson in Calgary and Greg Umbach in Vancouver.