Morguard North American REIT closes $60M bought deal

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By Ted Liu

Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN) has closed previously announced bought deal offering of 4,370,000 trust units at a price of $13.75 per unit for gross proceeds of $60,087,500.

RBC Capital Markets and TD Securities co-led the bought deal public offering.

Morguard Corporation (TSX: MRC) purchased 730,000 units for $10,037,500. Morguard Corporation currently holds an approximate 46.0% effective interest in the REIT through ownership of units and Class B LP units.

photo credit: Morguard