Morguard North American Residential Real Estate Investment Trust (TSX:MRG.UN) signed an agreement to acquire 12 Multi-Family Assets in Pensacola, Florida, Mobile, Alabama and South West Louisiana from Morguard Corp..
January 08, 2013 at 11:00 pm EST
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Morguard North American Residential Real Estate Investment Trust (TSX:MRG.UN) signed an agreement to acquire 12 Multi-Family Assets in Pensacola, Florida, Mobile, Alabama and South West Louisiana from Morguard Corp. (TSX:MRC) on January 9, 2013. In a related transaction, Morguard North American Residential Real Estate Investment Trust (TSX:MRG.UN) signed an agreement to acquire 12 Multi-Family Assets in Texas, Colorado, Florida, North Carolina and Georgia on January 9, 2013.
The combined consideration for both the portfolios will be paid as $633 million which will be financed through the assumption of mortgages in the principal amount of approximately $400 million. The conditions, other than customary closing conditions and certain consents, have been satisfied. The acquisition is expected to close on or about March 31, 2013. The acquisition will contribute to the Morguard North on an accretive basis and is indicative of U.S. growth strategy.
Morguard North American Residential Real Estate Investment Trust (the REIT) is an open-ended real estate investment trust. The REIT owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta and Ontario, and United States residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and Maryland. The objectives of the REIT are to generate stable and growing cash distributions to Unitholders on a tax-efficient basis; to enhance the value of its portfolio and the long-term value of its units through active asset and property management; and to expand the REIT's asset base, primarily through acquisitions and property improvements. The REIT's multi-suite residential property portfolio consists of about 16 Canadian properties and 27 United States properties, having a total of approximately 13,089 residential suites and 239,500 square feet of commercial area.
Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN) signed an agreement to acquire 12 Multi-Family Assets in Pensacola, Florida, Mobile, Alabama and South West Louisiana from Morguard Corp..
MORGUARD NORTH AMERICAN RESIDENTIAL REAL ESTATE INVESTMENT TRUST 
