By  on November 11, 2013

Sears Canada Inc said it has sold its stake in a joint venture interest to Montez Income Properties for $315 million.

The stake is a 50 percent interest in eight properties with The Westcliff Group of Cos. It includes four shopping centers, two strip centers and two open format retail centers.

The deal with Montez is expected to close on Jan. 8. Westcliff will retain its 50 percent interest in the properties.

Douglas Campbell, president and chief executive officer of Sears Canada, said, "As we have previously stated, unlocking the value of assets is a lever we use as a way to help create total value."

Sears stores in operation at those locations will remain open and will not be impacted by the change in ownership.

To access this article, click here to subscribe or to log in.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus