Morguard

Morguard Corporation is a Canadian real estate company, based in Mississauga, Ontario. It owns retail, residential, office, industrial, and hotel properties, as well as managing real estate and financial investments for institutional investors. As of October 2017, it owned $9.4 billion in real estate, and managed an additional $12.6 billion.[1]

Morguard Corporation
TypePublic
TSX: MRC
IndustryReal estate
Founded1905
Headquarters
Mississauga, Ontario
,
Canada
Key people
K. Rai Sahi (Chief executive officer)
CAD$173 million (2016)
Websitemorguard.com

Some of its owned properties are through its controlling ownership in two publicly-listed real estate investment trusts, Morguard REIT and Morguard North American Residential REIT, and the publicly-listed Temple Hotels. It is a public company listed on the Toronto Stock Exchange.

History

Morguard was founded in 1905 as D. Ackland & Son Limited.[2] It originally made carriage parts, but transitioned into automobile parts in the 1910s. In 1960, it renamed itself Acklands Limited.[2] At some point, it transitioned to being a wholesale distributor of automobile and industrial parts, as opposed to a manufacturer. Financial problems at the company in the 1980s led to the current president, K. Rai Sahi, taking control of the company in 1990.[2] The company sold its industrial parts distribution to W.W. Grainger in 1996 for $250 million USD; this division was renamed Acklands-Grainger.[3][4] In 1997, it sold half of automotive group to General Parts. In 1997, Acklands began investing in real estate, and was renamed Acktion Corporation. It eventually sold its remaining auto parts distribution business to focus on real estate.

Notable acquisitions by Acktion include Goldlist Properties and Revenue Properties.[5] One of its investments was Morguard REIT, a newly formed real estate investment trust. Morguard REIT had been launched by Morguard Investment Services, which had been founded in 1966, to sell mortgages to pension funds. It expanded to real estate in the 1970s. After investing in a number of other Morguard companies, Acktion renamed itself Morguard Corporation in 2002.

Morguard North American Residential REIT had an IPO in 2012, with properties spun-off from Morguard Corporation.[6]

Business

Morguard owns and manages retail, residential, office, industrial, and hotel properties, as well as financial investments. As of October 2017, of its $16.2 billion in owned and managed real estate, 37% are retail, 26% are residential, 25% are offices, 9% are industrial, and the remaining 3% are hotels.[1] Of its real estate assets, 45% are in Ontario, 15% are in Alberta, 13% are in British Columbia, 10% are in the rest of Canada, and the remaining 17% are in the United States.[1] Morguard REIT (MRT.UN) owns $2.9 billion in assets, primarily shopping centres and offices. Morguard North American Residential REIT (MRG.UN) owns $2.5 billion in assets, primarily multi-residential properties in the United States and Canada. Temple Hotels (TPH) owns $500 million in Canadian hotel properties.

As of January 2017, CEO K. Rai Sahi owned approximately 55% of shares in Morguard Corporation.[7]

Properties

Shopping centres
Bramalea City Centre, managed by Morguard

As of June 2021, Morguard REIT (MRT) owns a diversified real-estate portfolio of 47 commercial properties across six provinces of Canada.[8] The following are Morguard-owned shopping centres that have an area of at least 300,000 sq ft (28,000 m2).[9]

Owned
Shopping centres owned by MRC (+300,000 sqft), as of June 2021[9]
Shopping centre Location Province/state Ownership
Bramalea City Centre Brampton Ontario MRC (21%)
Cambridge Centre Cambridge Ontario MRT
Centerpoint Mall Toronto Ontario MRC
The Centre Saskatoon Saskatchewan MRT
East York Town Centre Toronto Ontario MRC
North Shore Square Slidell Louisiana MRC
Pine Centre Mall Prince George British Columbia MRT
Parkland Mall Red Deer Alberta MRT
Shoppers Mall Brandon Manitoba MRT
Southland Mall[10] Houma Louisiana MRC
St. Laurent Centre Ottawa Ontario MRT

Managed
Coquitlam Centre, managed by Morguard

Hotels
Hotels owned by Morguard as of June 2021[9]
Hotel Location Province Ownership
Acclaim Hotel Calgary Airport Calgary AB MRC (70%)
Cambridge Suites Hotel Halifax NS MRC
Clearwater Residence Hotel – Timberlea Fort McMurray AB MRC
Clearwater Suite Hotel Fort McMurray AB MRC
Cortona Residence Fort McMurray AB MRC
Courtyard by Marriott Toronto Airport Toronto ON MRC
Courtyard Marriott Markham Markham ON MRC
Courtyard Marriott Mississauga Mississauga ON MRC
Courtyard Marriott Ottawa Ottawa ON MRC
Courtyard Marriott Vaughan Vaughan ON MRC
Days Hotel and Suites Lloydminster AB MRC
Days Inn & Suites Thunder Bay ON MRC
Days Inn and Suites Yellowknife NT MRC
Days Inn North Thunder Bay ON MRC
Franklin Suite Hotel Fort McMurray AB MRC
Hilton Garden Inn Edmonton AB MRC
Hilton Garden Inn and Homewood Suites Ottawa ON MRC
Hilton Garden Inn Toronto Airport West Mississauga ON MRC
Holiday Inn Express Ottawa ON MRC
Holiday Inn Winnipeg South Winnipeg MB MRC
Hotel Carlingview Toronto Airport Toronto ON MRC
Inn at the Quay New Westminster BC MRC
Merit Hotel & Suites Fort McMurray AB MRC
Nomad Hotel & Suites Fort McMurray AB MRC
The Prince George Hotel Halifax NS MRC
Radisson Hotel & Suites Fort McMurray AB MRC
Residence Inn – London London ON MRC (50%)
Residence Inn by Marriott Toronto Airport Toronto ON MRC
Residence Inn Marriott - Markham Markham ON MRC
Residence Inn Marriott – Mississauga Mississauga ON MRC
Saskatoon Inn & Conference Centre Saskatoon ON MRC
Stanton Suites Hotel Yellowknife NT MRC
Temple Gardens Mineral Spa Resort Hotel Moose Jaw SK MRC
Toronto Airport Marriott Toronto ON MRC (95%)
Towne Place Suites by Marriott Sudbury ON MRC
Vantage Inn and Suites Fort McMurray AB MRC
Wingate by Wyndham Regina Regina SK MRC

Offices

The following are Morguard-owned office spaces that have an area of at least 500,000 sq ft (46,000 m2)

See also

References
  1. "Portfolio". www.morguard.com. Retrieved 2018-01-03.
  2. "Morguard Corporation." International Directory of Company Histories, Volume 85. . Encyclopedia.com. 2 Jan. 2018
  3. "Company History- Acklands-Grainger, Canada". www.acklandsgrainger.com. Retrieved 2018-01-04.
  4. "Grainger to Acquire Unit of Acklands Ltd. in $251.8 Million Deal," Wall Street Journal, September 11, 1996, p. C22.
  5. "An Acquisitive Mind". The Globe and Mail. 2003-07-25. Retrieved 2018-01-04.
  6. "Morguard celebrates $75-million real estate IPO". The Globe and Mail. 2012-04-23. Retrieved 2018-01-04.
  7. "Morguard AIF 2017" (PDF).
  8. "Archived copy" (PDF). Archived from the original (PDF) on 2021-10-10. Retrieved 2021-10-10.{{cite web}}: CS1 maint: archived copy as title (link)
  9. "Archived copy" (PDF). Archived from the original (PDF) on 2021-10-10. Retrieved 2021-10-10.{{cite web}}: CS1 maint: archived copy as title (link)
  10. "Southland Mall". southlandmallonline.com. Retrieved 2021-10-10.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.