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Morguard boosts ownership in Plaza Retail REIT

Canada's Morguard Corp. boosted its stake in Plaza Retail REIT to 14.71% from 9.71% of the real estate investment trust's issued and outstanding units following the acquisition of additional 5,107,800 units.

Morguard, together with Paros Enterprises Ltd., acquired the additional units at C$4.20 per unit Sept. 25 through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems.

Morguard and Paros beneficially owned or had control or direction over 9,952,000 Plaza Retail units prior to the acquisition, which was carried out for investment purposes, according to a release.

Paros and its affiliates own roughly 59.3% of Morguard's outstanding shares.