Sears Canada closes sales and leaseback of three stores

Toronto - Sears Canada Inc. has closed a transaction to sell and leaseback three properties to Concord Pacific Group of Companies. The transaction, originally announced on March 11, 2015, has closed for total proceeds of $140 million.



The after-tax proceeds, including adjustments, are currently estimated to be approximately $130 million. The locations include store space and adjacent property located at the Metropolis at Metrotown in Burnaby, British Columbia, Cottonwood Mall in Chilliwack, British Columbia and North Hill Shopping Centre in Calgary, Alberta. Sears will continue to operate the stores located at these shopping centers under long-term leases and there is no impact on customers or Sears employees in these locations.