Morguard
 | |
| Company type | Public |
|---|---|
| TSX: MRC | |
| Industry | Real estate |
| Founded | 1905 |
| Headquarters | , Canada |
Key people | K. Rai Sahi (Chief executive officer) |
| CA$173 million (2016) | |
| Website | www |
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]
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
[edit]Morguard was founded in 1905 as D. Ackland & Son Limited.[2] It originally made carriage parts, but transitioned into automobile parts in the 1910s.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
[edit]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
[edit]Shopping centres
[edit]
As of June 2021[update], 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
[edit]| Shopping centre | Location | Province/state | Ownership |
|---|---|---|---|
| Bramalea City Centre | Brampton | Ontario | MRC (21%) |
| Cambridge Centre | Cambridge | Ontario | MRT |
| Centerpoint Mall | Toronto | Ontario | MRC |
| Northgate Shopping Centre | North Bay | 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
[edit]
- Bonnie Doon Centre in Edmonton, Alberta
- Sevenoaks Shopping Centre in Abbotsford, British Columbia
- Coquitlam Centre in Coquitlam, British Columbia
- Intercity Shopping Centre in Thunder Bay, Ontario
- Place Rosemere in Rosemere, Quebec
- Lawson Heights in Saskatoon, Saskatchewan
Hotels
[edit]| 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
[edit]The following are Morguard-owned office spaces that have an area of at least 500,000 sq ft (46,000 m2)
- 750 Burrard Street in Vancouver, British Columbia
- Jean Edmonds Towers in Ottawa, Ontario
- Place Innovation in St. Laurent, Quebec
- Penn West Plaza in Calgary, Alberta (Morguard REIT)
- Rice Howard Place in Edmonton, Alberta (20% ownership)
See also
[edit]References
[edit]- ^ a b c "Portfolio". www.morguard.com. Retrieved 2018-01-03.
- ^ a b c "Morguard Corporation." International Directory of Company Histories, Volume 85. . Encyclopedia.com. 2 Jan. 2018
- ^ "Company History- Acklands-Grainger, Canada". www.acklandsgrainger.com. Retrieved 2018-01-04.
- ^ "Grainger to Acquire Unit of Acklands Ltd. in $251.8 Million Deal," Wall Street Journal, September 11, 1996, p. C22.
- ^ "An Acquisitive Mind". The Globe and Mail. 2003-07-25. Retrieved 2018-01-04.
- ^ "Morguard celebrates $75-million real estate IPO". The Globe and Mail. 2012-04-23. Retrieved 2018-01-04.
- ^ "Morguard AIF 2017" (PDF).
- ^ "PORTFOLIO SUMMARY: MORGUARD REIT" (PDF). Archived from the original (PDF) on 2021-10-10. Retrieved 2021-10-10.
- ^ a b c "PORTFOLIO SUMMARY: MORGUARD CORPORATION" (PDF). Archived from the original (PDF) on 2021-10-10. Retrieved 2021-10-10.
- ^ "Southland Mall". southlandmallonline.com. Retrieved 2021-10-10.