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Sears to raise $2.5 billion in REIT; announces joint venture with General Growth
Hoffman Estates, Ill. – Sears Holding Corp. is forming a real estate investment trust (REIT) called Seritage Growth Properties, which will purchase 254 Sears and Kmart stores for more than $2.5 billion. Seritage will partially fund the transaction through a public rights offering.
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Sears aims to raise $2.5 with REIT
Sears Holding Corp. is looking to raise more than $2.5 billion by selling its stores to a real estate investment trust.
The REIT, called Seritage Growth Properties, will purchase 254 Sears and Kmart stores for more than $2.5 billion and then lease back the Sears and Kmart stores to Sears Holdings. Seritage will partially fund the transaction through a public rights offering.

