The Real Deal New York

Sears-affiliated REIT sells almost $250M share of company to mall owner GGP

July 21, 2017 04:51PM

Real estate investment trust Seritage Growth Properties just completed two sizable transactions, offloading its 50 percent stake to its joint venture partner, General Growth Properties. Seritage was initially formed by Sears CEO Eddie Lampert two years ago to raise money for the ailing retail chain. As part of the new deals, 50 percent of the eight of the 12 Sears assets it owned were sold for $190 million along with half of a JV interest for five other properties, also sold to GGP, for $57.7 million. []