Nitor Capital
Long/short equity, value, special situations, deep value

Update: Morguard Corporation

Even after appreciating 13.5% through the first half of the year, Morguard's (OTC:MRCBF) equity is still valued at under C$1.8 billion. We continue to believe Morguard represents one of the most unique and undervalued real estate investment opportunities available to investors and should therefore garner a premium valuation. Compared to the following alternatives for gaining exposure to a large-scale real estate portfolio, Morguard looks rather attractive:

· Private Market Real Estate Deals: Unless you are the general partner or lead investor, most real estate investment vehicles are structured in the form of limited partnerships or preferred equity investments. In these structures, the general partner will typically charge management fees and incentive fees, which reduce the investor's overall returns...

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