Sears hires ex-Rouse COO to lead $2.5 billion real estate trust

Chicago -- Sears Holdings Corp. has tapped former Rouse Properties COO Benjamin Schall to lead new Sears REIT Seritage Growth Properties. The real estate investment trust was formed by Sears to buy some of its stores and generate $2.5 billion in cash.



Schall’s appointment is effective May 4. He spent three years as COO of publicly traded REIT Rouse, overseeing operations of 35 malls in 21 states.



Sears aims to raise $2.5 billion through the REIT; the transaction is slated to be completed by June 1. The REIT is set to purchase and lease back 254 Sears and Kmart stores.