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Edmonton Portfolio Trades for $62M+

EDMONTON, AB-On behalf of one of its Canadian pension fund clients, Morguard Investments Ltd. acquires the 755,000-sf of office and industrial buildings and 21 acres of development land with plans to invest another $30 million in the portfolio over the next three years.

By Brian K. Miller | Updated on April 29, 2005

EDMONTON, AB-Morguard Investments Ltd. recently acquired a 755,000-sf portfolio of industrial and office portfolio here for $62.4 million. The portfolio consists of three suburban office buildings, three new industrial buildings and 21 acres of development land. The Mississauga, ON-based real estate investment and management company says it acquired the portfolio on behalf of an unnamed Canadian pension fund client and will provide property and asset management services. Part of the asset plan is to spend an additional $30 million to upgrade the properties and develop the excess land with an additional 387,000 sf of industrial space over the next few years as the market dictates. The three suburban office buildings include the Whitemud Business Park, Greystone Business Park and Capital Place, all built in the early 1980s. They range in size from 104,000 sf to 133,000 sf. The three industrial buildings, built from 2001 to 2004, consist of a 40,000-sf single-tenant building and two multi-tenant buildings, one with 160,000 sf and the other with 211,000 sf. Morguard was established in 1975 and now has about $4.5 billion in assets under management. It’s clients are major institutional investors and property owners. Company president Steve Taylor was not immediately available Friday morning to provide additional detail on the acquisition.

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