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Morguard Corporation and Morguard Real Estate Investment Trust Acknowledge Proceeds from Target Settlement
Morguard Corporation and Morguard Real Estate Investment Trust Acknowledge Proceeds from T...
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[{"type":"text","content":"\n\n\n\nMorguard Corporation and Morguard Real Estate Investment Trust Acknowledge Proceeds from Target Settlement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen3{\nBORDER-BOTTOM:1pt; BORDER-LEFT:1pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:1pt; BORDER-RIGHT:1pt\n}\n.prngen5{\nBORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prngen4{\nBORDER-BOTTOM:1pt; TEXT-ALIGN: RIGHT; BORDER-LEFT:1pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:1pt; BORDER-RIGHT:1pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prntblns{\nBORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt; BORDER-COLLAPSE: collapse; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n\n\n\n\n\n\nMorguard Corporation and Morguard Real Estate Investment Trust Acknowledge Proceeds from Target Settlement\nCanada NewsWire\nMISSISSAUGA, ON, July 13, 2016\n\n\n\nMISSISSAUGA, ON, July 13, 2016 /CNW/ - Morguard Corporation (TSX: MRC) and Morguard Real Estate Investment Trust (TSX: MRT.UN) (\"Morguard REIT\") acknowledge total proceeds in the amount of $39.3 million (inclusive of sales tax) from a settlement with Target Canada, currently under the Companies' Creditors Arrangement Act (\"CCAA\") protection, and its parent, Target Corporation, related to lease guarantee claims at eight retail properties in Canada.  \n\nThe settlement proceeds include $12.6 million to Morguard Corporation, $12.4 million to Morguard REIT and $14.3 million to Morguard's co-owners and investor clients at impacted properties.\n\nIn 2011, Morguard negotiated lease assignments and amending agreements with Target Canada that had lease guarantees and recourse back to Target Corporation. Management's ability to negotiate lease guarantees resulted in a more favourable outcome compared to landlords that did not have guarantees.\n\nTarget Leases Included in SettlementFor clar...