Morguard firms up $1.1 billion deal for stake in TD Asset Management residential portfolio
TD•Morguard completed due diligence and waived purchaser conditions for a joint acquisition of about $1.1 billion in residential interests across 91 Canadian properties with 12,302 suites. Closing is expected in one tranche, subject to CMHC and lender approval.
1. Deal details
The transaction covers an approximately 26% undivided interest in 91 Canadian properties comprising 12,302 suites. Morguard will acquire interests for $621 million, while Morguard North American Residential REIT's allocation totals $478 million. Financing includes approximately $225 million in vendor financing, and the acquisition is expected to be immediately accretive to both buyers.
2. Closing conditions
Closing is expected in a single tranche, subject to CMHC and lender approval.
