Sears Canada sheds more real estate
Retail Editor 3 -- Home Textiles Today, November 11, 2013
Toronto - Sears Canada is selling its 50% joint venture interest in eight properties it owns with The Westcliff Group of Companies to with Montez income Properties Corporation.
The deal will yield Sears Canada roughly $315C and is expected to close Jan. 8. The transaction includes four regional shopping centers, two strip cents and two open-format retail centers.
The Sears stores located on those properties will remain in business.
"As we have previously stated, unlocking the value of assets is a lever we use as a way to help create total value," said Doug Campbell, president and ceo, Sears Canada Inc.
Last week, Sears Canada said it will terminate leases in five stores, which is expected to generate $400C million.
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