Press release from CNW Group
MORGUARD CLOSES SECOND CORE INDUSTRIAL FUND IN CANADA
Tuesday, November 30, 2010
MISSISSAUGA, ON, Nov. 30 /CNW/ - Morguard Investments Limited is pleased to announce the initial close at $80 million of the MIL Industrial Fund II LP as part of its Family of Funds series.
The investment objective for MIL Industrial Fund II LP is to hold a core industrial portfolio that will produce stable, attractive income yields while holding the potential for capital appreciation. This core industrial fund has an equity target of $100 million and will identify investment opportunities located in all major Canadian markets. Limited partners such as, Canadian pension funds, institutional investors, foundations, and endowments have an opportunity to invest in a portfolio of institutional grade, income producing, industrial properties through this fund.
Currently, Morguard Industrial Fund I and Morguard Residential Fund I are fully invested with approximately $ 213MM and $210MM in gross assets, respectively, and planning is underway for MIL Retail Fund I LP and MIL Residential Fund II LP both of which will focus on core holdings in their respective assets classes.
Morguard Investments Limited is a Canadian real estate investment manager representing major institutional and private investors. With more than $10 billion in assets under management, Morguard provides a full range of asset and property management, acquisition, development and leasing services. Morguard's diversified portfolio includes over 45 million square feet of office, industrial, retail, residential and mixed-use properties. The Morguard group employs more than 1200 staff in 12 offices across Canada and the United States.
For further information:
Senior Vice President, Investments
Morguard Investments Ltd.
55 City Centre Drive, Suite 800