Morguard Provides Transaction Update: Agreement to Acquire $1.1 Billion Interest in TD Asset Management Multi-Suite Residential Portfolio Now Firm

MISSISSAUGA, ON, Nov. 2, 2026 /CNW/ — Morguard Corporation (“Morguard”) (TSX: MRC) and Morguard North American Residential REIT (“Morguard Residential REIT”) (TSX: MRG.UN) provided an update on their joint investment in a Canadian multi-suite residential real estate portfolio currently owned by TD Asset Management Inc. (“TDAM”), previously announced on February 25, 2026. Morguard has completed its due diligence review, the related purchaser conditions have been waived, and the allocation of individual property ownership interests between Morguard and Morguard Residential REIT has been finalized.

The transaction represents an approximate 26 percent undivided interest in a portfolio of 91 properties comprising 12,302 suites at a gross purchase price of approximately $1.1 billion, before closing costs, and is expected to close in a single tranche, subject to receiving CMHC and lender approval.

Morguard will acquire interests in 31 properties with 4,728 suites at a gross purchase price of $621 million, and Morguard Residential REIT will acquire interests in 60 properties with 7,574 suites at a gross purchase price of $478 million. The portfolio is located in major urban and suburban markets across Ontario, Alberta, Quebec, and Nova Scotia with established rental demand. It also includes a select number of newly delivered rental developments.

“Reaching this milestone reflects the hard work, discipline and collaboration of everyone involved in bringing this transaction to a firm agreement,” said Angela Sahi, President and Chief Executive Officer of Morguard. “This acquisition aligns with our strategy of expanding our multi-suite residential portfolio in markets with high barriers to entry, strong underlying rental demand and attractive long-term growth potential.”

The following table details the regional distribution and ownership interest of the properties:

The transaction is anticipated to be financed through a combination of cash on hand, assumed mortgages, approximately $225 million of vendor financing, and short-term borrowings. The transaction is expected to be immediately accretive to both Morguard and Morguard Residential REIT. The assumed mortgages are CMHC-insured and have an approximate loan-to-value ratio of 46%. As at September 30, 2026, the Company paid a $20 million non-refundable deposit in connection with the transaction.

Throughout the second and third quarters of 2026, Morguard transitioned property management responsibility for the TDAM multi-suite residential portfolio, valued at approximately $5.4 billion, consisting of 109 properties and approximately 15,800 suites across the Greater Toronto and Hamilton Area, Southwestern Ontario, Ottawa, Alberta, Quebec and Nova Scotia.

The transition required extensive coordination across property operations, technology, accounting, human resources and resident services, demonstrating Morguard’s ability to execute complex, large-scale institutional mandates while maintaining operational continuity and a consistent resident experience.

Following the transition, Morguard’s total owned and managed assets have grown to approximately $24.1 billion. Its residential platform now represents approximately $12.3 billion in assets, encompassing 164 properties and 33,213 residential suites across Canada and the United States.

The addition of the TDAM management portfolio represents a transformative expansion of Morguard’s residential platform and further strengthens its position as a leading residential property and asset manager in North America.

About Morguard Corporation

For more than 50 years, Morguard has been a leading fully integrated real estate and investment management company in North America. Listed on the Toronto Stock Exchange (TSX: MRC), the company and its subsidiaries, Morguard REIT (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN) provide property management services across a diversified portfolio of multi-suite residential, retail, office and industrial properties, delivering operational excellence through innovative systems, responsive tenant and resident support, and responsible sustainability practices.

As at September 30^th 2026, Morguard’s total owned and managed portfolio of assets was valued at $24.1 billion.

About Morguard North American Residential REIT

Morguard North American Residential REIT (TSX: MRG.UN) is an unincorporated, open ended real estate investment trust that owns interests in Canadian residential apartment communities in Alberta and Ontario and U.S. residential apartment communities in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and Maryland.

For more information, visit morguard.com or follow us on LinkedIn and Instagram.

SOURCE Morguard Corporation