Morguard REIT announces Class A office acquisition in downtown Calgary

Morguard REIT announces Class A office acquisition in downtown Calgary 
MISSISSAUGA, ON, Oct. 30, 2012 /CNW/ - Morguard Real Estate Investment Trust 
("Morguard REIT" or the "REIT") (TSX: MRT.UN), announced today that it has 
finalized an agreement to purchase a 100% freehold interest in Penn West 
Plaza, Calgary, a Class A office property that is comprised of two office 
towers with 621,628 square feet of gross leasable area, 379 parking spaces and 
17,766 square feet of prime retail space. The acquisition is expected to close 
on or about October 31, 2012 and conditions, other than customary closing 
conditions, have now been satisfied. 
Penn West Plaza (207 & 213-9th Avenue S.W.) is located in the Central Business 
District of downtown Calgary. Both Class A office towers (other than ancillary 
retail space) are 100% leased to Penn West Petroleum Ltd. (NYSE: PWE TSX: 
PWT), and secured by a long-term net lease, with a remaining lease term of 12 
Penn West Plaza will be purchased free and clear of financial encumbrances for 
total consideration of approximately $374.3 million (excluding closing costs). 
The REIT expects to finance the purchase price with: (i) a mortgage in the 
principal amount of approximately $210 million for a term of ten years, 
bearing interest at 3.93% per annum; (ii) the net proceeds from the REIT's 
offering of 4.85% convertible unsecured subordinated debentures, due October 
31, 2017, of approximately $145.7 million; and (iii) other available sources 
of funds. 
About Morguard REIT 
Morguard REIT is a closed-end real estate investment trust, which owns a 
diversified portfolio of 53 high quality retail, office and mixed use 
properties in Canada with an approximate value of $2.2 billion and comprising 
approximately 8.5 million square feet of leaseable space. 
Certain information in this press release may constitute forward-looking 
statements that involve a number of risks and uncertainties, including 
statements regarding the outlook for the REIT's business results of 
operations. Forward-looking statements use the words "believe," "expect," 
"anticipate," "may," "should," "intend," "estimate" and other similar terms, 
which do not relate to historical matters. Such forward-looking statements 
involve known and unknown risks and uncertainties and other factors that may 
cause the actual results to differ materially from those indicated. Such 
factors include, but are not limited to, general economic conditions, the 
availability of new competitive supply of commercial real estate that may 
become available either through construction or sublease, the REIT's ability 
to maintain occupancy and to lease or re-lease space on a timely basis at 
current or anticipated rates, tenant bankruptcies, financial difficulties and 
defaults, changes in interest rates, changes in operating costs, the REIT's 
ability to obtain adequate insurance coverage at a reasonable cost, the 
ability to complete potential acquisitions (including the Penn West 
acquisition) and the availability of financing. The REIT believes that the 
expectations reflected in forward looking statements are based on reasonable 
assumptions; however, the REIT can give no assurance that actual results will 
be consistent with these forward-looking statements. Except as required by 
applicable law, the REIT disclaims any intention or obligation to update or 
revise any forward-looking statements whether as a result of new information, 
future events or otherwise. Readers should be cautioned not to place undue 
reliance on the forward-looking statements. 
Mr. K. (Rai) Sahi, President and Chief Executive Officer Morguard Real 
Estate Investment Trust 55 City Centre Drive Suite 1000 Mississauga, Ontario 
L5B 1M3 Tel: 905-281-4800 Fax: 905-281-4818 
SOURCE: Morguard Real Estate Investment Trust 
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CO: Morguard Real Estate Investment Trust
ST: Ontario
-0- Oct/30/2012 16:17 GMT
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