Sears REIT files $1.57 billion offering, applies to list on NYSE

Hoffman Estates, Ill. – Sears Holding Group Inc. has filed a $1.57 billion subscription rights offering with the SEC for its real estate investment trust (REIT) known as Seritage Growth Properties. The offering would give Sears shareholders the right to buy up to 53.3 million shares of the REIT at a share price of $29.58.



Seritage also plans to sell 9.5 million class C non-voting shares to Fairholme Capital Management LLC, Sears’ second-largest shareholder, at the same price. This would give Fairholme a roughly 12% stake in Seritage.



Seritage, which Sears is establishing to purchase and buy back about 254 stores, intends to apply to list for trading on the New York Stock Exchange under the symbol SRG.