MISSISSAUGA, CANADA-Morguard Corp., based here, is selling 17 of its properties to a newly-forming REIT, Morguard North American Real Estate Investment Trust. Morguard will hold a 69.7% interest in the trust when the REIT’s IPO closes on April 18 for an expected price of $10 per share, raising about $75 million.

The REIT will be held on the Toronto Stock Exchange and will not be offered in the United States. Morguard, in a statement Monday, said the trust will use the IPO proceeds to indirectly acquire interests in a portfolio of 14 apartment complexes in Canada and three apartment complexes in Louisiana, totaling 5,439 residential units.

The Canada properties include four complexes on Thorncliffe Park Drive in Toronto, three properties on Mississauga Valley Boulevard here, a complex in Kitchener and a property in Edmonton. The US properties include 1001 E. Dale St. in New Iberia, 715 Marie Antoinette St. in Lafayette and 3215 Knight St. in Shreveport, all in Louisiana.