Sears Holdings, Simon Property form joint venture

Posted online April 13, 2015 | 9:10 am

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.

Read more from the Dow Jones Newswires.[[In-content Ad]]

Comments

No comments on this story |

Please log in to add your comment

State Senate votes to repeal paid sick leave provision

Editors' Pick

From the Ground Up: Springfield-Greene County Library District Republic Branch

Under construction beside the existing Republic branch of the Springfield-Greene County Library District – which remains in operation throughout the project – is a new building that will double the size of the original, according to library officials.

Most Read