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Morguard Selling 2M-SF Industrial Portfolio

TORONTO-The locally headquartered REIT is selling 65% of its industrial space to undisclosed Canadian pension funds for $156.7 million.

By Brian K. Miller | Updated on January 02, 2007

(To read more on the industrial market, click here.)

TORONTO-Morguard Real Estate Investment Trust is selling two million sf of industrial space to three Canadian pension funds in two separate transactions totaling $156.7 million (US $134.52 million). The locally headquartered REIT is reshaping its portfolio by swapping out some of its industrial space for office space.

The first transaction–876,000 sf in 11 properties for $72 million (US $61.82 million)–closed on Dec. 28. The second transaction–1.06 million sf in nine properties for $84.7 million (US $72.75 million)–is expected to close before the end of March.

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