Sears Canada to Sell Interest in Eight Properties
November 11, 2013,
TORONTO-Sears Canada has reached an agreement to sell its 50 percent joint-venture interest in eight properties it owns with The Westcliff Group of Cos. to Montez Income Properties Corp.
The eight properties comprise four regional shopping centers, two strip centers and two open-format retail centers. The sale price is about C$315 million (about $300.6 million by today's exchange rate), and the transaction is scheduled to close on Jan. 8, 2014. The Sears Canada stores currently situated on these properties will remain in operation.