Sears Holdings to form REIT for some Sears, Kmart stores
April 1 (Reuters) - Sears Holdings Corp said it would form a real estate investment trust, which will buy about 254 Sears and Kmart stores in a transaction valued at more than $2.5 billion.
The newly formed REIT, Seritage Growth Properties, will launch a rights offering to partially fund the purchase of the stores.
In a separate deal, Sears said it would form a joint venture with General Growth Properties Inc, under which the retailer will sell 12 of its stores located in General Growth's malls, and lease them back.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)
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