Morguard

Last updated
Morguard Corporation
Company type Public
TSX:  MRC
Industry Real estate
Founded1905
Headquarters
Mississauga, Ontario
,
Canada
Key people
 K. Rai Sahi (Chief executive officer)
CAD$173 million (2016)
Website morguard.com

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]

Contents

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 [2] It originally made carriage parts, but transitioned into automobile parts in the 1910s.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 BramaleaCityCentre2.jpg
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 centreLocationProvince/stateOwnership
Bramalea City Centre Brampton Ontario MRC (21%)
Cambridge Centre Cambridge OntarioMRT
Centerpoint Mall Toronto OntarioMRC
Northgate Shopping Centre North Bay OntarioMRC
The Centre Saskatoon Saskatchewan MRT
East York Town Centre Toronto OntarioMRC
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 LouisianaMRC
St. Laurent Centre Ottawa OntarioMRT

Managed

Coquitlam Centre, managed by Morguard Coq-ctr2.jpg
Coquitlam Centre, managed by Morguard

Hotels

Hotels owned by Morguard as of June 2021 [9]
HotelLocationProvinceOwnership
Acclaim Hotel Calgary Airport Calgary ABMRC (70%)
Cambridge Suites Hotel Halifax NSMRC
Clearwater Residence Hotel – Timberlea Fort McMurray ABMRC
Clearwater Suite HotelFort McMurrayABMRC
Cortona ResidenceFort McMurrayABMRC
Courtyard by Marriott Toronto Airport Toronto ONMRC
Courtyard Marriott Markham Markham ONMRC
Courtyard Marriott Mississauga Mississauga ONMRC
Courtyard Marriott Ottawa Ottawa ONMRC
Courtyard Marriott Vaughan Vaughan ONMRC
Days Hotel and Suites Lloydminster ABMRC
Days Inn & Suites Thunder Bay ONMRC
Days Inn and Suites Yellowknife NTMRC
Days Inn NorthThunder BayONMRC
Franklin Suite HotelFort McMurrayABMRC
Hilton Garden Inn EdmontonABMRC
Hilton Garden Inn and Homewood SuitesOttawaONMRC
Hilton Garden Inn Toronto Airport WestMississaugaONMRC
Holiday Inn Express OttawaONMRC
Holiday Inn Winnipeg South Winnipeg MBMRC
Hotel Carlingview Toronto AirportTorontoONMRC
Inn at the Quay New Westminster BCMRC
Merit Hotel & SuitesFort McMurrayABMRC
Nomad Hotel & SuitesFort McMurrayABMRC
The Prince George HotelHalifaxNSMRC
Radisson Hotel & SuitesFort McMurrayABMRC
Residence Inn – London London ONMRC (50%)
Residence Inn by Marriott Toronto AirportTorontoONMRC
Residence Inn Marriott - MarkhamMarkhamONMRC
Residence Inn Marriott – MississaugaMississaugaONMRC
Saskatoon Inn & Conference Centre Saskatoon ONMRC
Stanton Suites HotelYellowknifeNTMRC
Temple Gardens Mineral Spa Resort Hotel Moose Jaw SKMRC
Toronto Airport MarriottTorontoONMRC (95%)
Towne Place Suites by Marriott Sudbury ONMRC
Vantage Inn and SuitesFort McMurrayABMRC
Wingate by Wyndham Regina Regina SKMRC

Offices

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

See also

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References

  1. 1 2 3 "Portfolio". www.morguard.com. Retrieved 2018-01-03.
  2. 1 2 3 "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. ↑ "PORTFOLIO SUMMARY: MORGUARD REIT" (PDF). Archived from the original (PDF) on 2021-10-10. Retrieved 2021-10-10.
  9. 1 2 3 "PORTFOLIO SUMMARY: MORGUARD CORPORATION" (PDF). Archived from the original (PDF) on 2021-10-10. Retrieved 2021-10-10.
  10. ↑ "Southland Mall". southlandmallonline.com. Retrieved 2021-10-10.
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