TORONTO – Sears Canada Inc. (TSX:SCC) is selling its 50 per cent interest in eight properties for about $315 million, the national retailer’s latest major real estate transaction.
Montez Income Properties Corp. will buy a 50 per cent stake in a joint venture that Sears has with Westcliff Group, which will continue to own the other 50 per cent stake and manage the properties.
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Sears says it will continue to operate the stores on the properties and the real estate deal won’t affect the stores’ employees or customers.
It’s the latest real-estate transaction for Sears Canada, a national retailer with about 181 corporate stores and 246 dealer stores.
Two weeks ago, Sears announced it would close five stores as part of a deal to sell its rights to the retail space in Toronto’s Eaton Centre and four other locations for $400-million.
Similar deals announced earlier this year by Sears will see it vacate and close a number of other stores by the end of March.
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