Sears Holdings, Simon Property form joint venture

Sears Holdings Corp. announced Monday it has formed a joint venture with mall owner Simon Property Group Inc., the latest move by the struggling retailer to cash in on the value of its real estate.

According to the Dow Jones Newswires, Sears has contributed 10 properties to the venture, which are valued at a combined $228 million.

Sears will lease back the properties located at Simon malls from the joint venture. Simon contributed $114 million in cash.

Earlier this month, Sears announced a similar deal with General Growth Properties Inc.

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