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Morguard To Create REIT for 17 Apartment Sites

MISSISSAUGA, CANADA-Morguard Corp. will sell its interests in the 14 Canada and three Louisiana complexes to the Morguard North American Residential REIT for about $75 million.

By Robert Carr | Updated on April 09, 2012

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.

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