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Morguard discloses proceeds from Target settlement, sells office property

Morguard Corp.and Morguard Real EstateInvestment Trust won C$39.3 million in total proceeds from asettlement with tenant Target Canada and its parent, Target Corp.

The settlement was related to lease guarantee claims ateight Canadian retail properties in Morguard's owned and managed retailportfolio.

Morguard REIT received C$12.4 million from the settlement proceeds,while C$14.3 million went to Morguard's co-owners and investor clients atimpacted properties.

The proceeds will be used for redevelopment and improvementprograms at retail centers.

Morguard REIT also disclosed a C$22.4 million sale of anoffice asset in the Pointe-Claire suburb of Montreal during the second quarter.The Centre de la Citécomplex comprises 127,500 square feet of office space. Proceeds from the salewere used to pay out an operating line and non-strategic mortgages.