Dive Summary:

• Sears Canada has announced it will sell 50% of its current stake in eight Sears Canada properties.
• The deal worth a reported $300 million will include four regional shopping centers, two strip mall outlets and two open-air retail locations.
• The transaction is set to be finalized on Jan. 8 2013 and is still subject to final closing conditions.

Dive Insight:

Even though Sears has agreed to sell off half its controlling interest, the Sears stores currently in operation will not be affected by the transaction. The joint venture assets we are selling to Montez impact neither our store operations nor our ability to serve customers. As such, our primary focus in creating long-term value remains on the basics of the business and continuing to become more relevant with Canadians coast to coast,” said Sears Canada CEO Doug Campbell. The Westcliff Group, Sears’s partner in the properties, will remain the exclusive property manager for all locations.