Sears Real Estate Dealings to Net $2.6 Billion: AP - Tire Review Magazine

Sears Real Estate Dealings to Net $2.6 Billion: AP

Sears-USA-Store-front-RSSears Holding Corp. is entering into at least two real estate deals that will bring the financially troubled retailer an infusion of some $2.6 billion, the Associated Press reported earlier this week.

In one deal, Sears and shopping mall owner General Growth Properties Inc. will form a joint venture whereby General Growth will buy 12 Sears properties valued at $330 million, split the proceeds with Sears Holding, and lease the space back to Sears at a favorable rate. The 50/50 joint venture will deliver $165 million to Sears Holding.

In a separate deal, Sears Holding will sell some 254 properties – primarily Sears and Kmart stores – that its owns to a newly formed real estate trust that it created called Seritage Growth Properties. Sears said it will realize some $2.5 billion in proceeds from that deal.

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