Seritage Growth Properties, the real estate spinoff from Sears Holdings Corp., will begin trading later today on the New York Stock Exchange under the ticker symbol “SRG” following the completion of a rights offering.

As part of Sears chairman and chief executive officer Edward Lampert’s plan to bolster the retailer’s liquidity, nearly 53.3 million shares of the new entity’s Class A common stock were sold, raising $1.6 billion that will be applied to the $2.72 billion used to acquire 235 properties and 31 joint ventures interests from Sears. That purchase is expected to take place on Tuesday. Seritage is then expected to lease back all but 11 of the properties to Sears under specific terms, including Seritage’s right to recapture certain space from Sears at each property.

The deadline to accept the rights offering was July 2 and the offering was oversubscribed, Sears said.

Sears unveiled the plan for the Seritage REIT in April, at which time it entered into a joint venture with General Growth Properties for 12 Sears properties located at General Growth Malls. General Growth made a cash contribution of $165 million in exchange for a 50 percent interest in the JV.


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