Acktion Buys Morguard Investments Limited.TORONTO--(BUSINESS WIRE)--Sept. 2, 1998-- Morguard Investments Limited and Acktion Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ACK (ACKnowledgment code) The communications code sent from a receiving station to a transmitting station to indicate that it is ready to accept data. It is also used to acknowledge the error-free receipt of transmitted data. Contrast with NAK. 1. ) (WINNIPEG STOCK EXCHANGE:ACK), both of Toronto announced today that Acktion has completed its acquisition of the Class A common shares and the Class B common shares of Morguard. Morguard specializes in the acquisition, management, leasing, development and disposition of real estate on behalf of institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. including some of Canada's largest pension funds and the Morguard REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). . It manages a $2.3 billion portfolio comprising approximately 31 million square feet of office, industrial, retail and mixed use properties in Canada. "Morguard is the best recognized name in institutional real estate and asset management in Canada and is an excellent addition to our organization," said Rai Sahi, Acktion's chief executive officer. "I have had the opportunity to meet Morguard's employees and I am very impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with their dedication and professionalism. I am very pleased to welcome the Morguard team to the Acktion Group of Companies and look forward to working with them to continue to provide the high level of service which Morguard's clients have come to expect." "Morguard's management team looks forward to working with Acktion to continue to service its institutional clients," said Tony Stephens, Morguard's president and chief executive officer. "Acktion has made a major commitment to real estate over the last 18 months and this will provide Morguard the opportunity to develop new investment opportunities for our clients." Acktion Corporation is a Canadian corporation with interests in real estate, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and leasing.
CONTACT: Acktion Corporation
Rai Sahi, 416/631-5288
or
Morguard Investments Limited
Bart Munn, 416/862-3770
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