Sears Canada to Sell Interest in Eight Properties
TORONTO-Sears Canada has reached an agreement to sell its 50 percent joint-venture interest in eight properties it owns with The Westcliff Group of Cos. to Montez Income Properties Corp.
The eight properties comprise four regional shopping centers, two strip centers and two open-format retail centers. The sale price is about C$315 million (about $300.6 million by today's exchange rate), and the transaction is scheduled to close on Jan. 8, 2014. The Sears Canada stores currently situated on these properties will remain in operation.
Doug Campbell, Sears Canada's president and CEO, said, "As we have previously stated, unlocking the value of assets is a lever we use as a way to help create total value. The joint-venture assets we are selling to Montez impact neither our store operations nor our ability to serve our customers."