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.