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July 7, 2015

Sears' REIT goes public as retailers spin off sites

  • Sears is one of several retailers with big property footprints that are choosing this strategy as real estate prices gain ground.

    • NEW YORK (AP) — Seritage Growth Properties, the real estate spinoff of Sears Holdings Corp., made its debut Monday on the New York Stock Exchange and estimated that it had raised about $1.6 billion from the offering.

    Sears, which is dealing with slumping retail sales, formed the real estate investment trust to extract more revenue from its properties. It plans to sell and lease back about 235 properties, most of them Sears and Kmart stores, to the REIT.


     
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