Sears hits its big with REIT offering

Hoffman Estates, Ill. – Sears Holding Corp. has met financial expectations for its new real estate investment trust (REIT) called Seritage Growth Properties. A 53.3 million-share Securities and Exchange Commission (SEC) subscription rights offering for Seritage that closed on July 2 was oversubscribed and generated about $1.6 billion, meeting expectations for gross proceeds of $1.57 billion.



Seritage will use the proceeds to fund part of a planned $2.72 billion purchase of 254 Sears stores, which it will lease back to Sears. Seritage shares are expected to start trading on the New York Stock Exchange (NYSE) under the symbol SRG on July 6.