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Sears Canada to sell 50% JV interest in Westcliff Group for $315m

RBR Staff Writer Published 12 November 2013

Sears Canada, a department store chain, has reached a definitive agreement with Montez Income Properties, to sell its 50% joint venture (JV) interest in eight properties it owns with The Westcliff Group of Companies (‘Westcliff’) for approximately $315m.

The said properties include four regional shopping centres, two strip centres, and two open-format retail centres. Westcliff will continue as the 50% owner and exclusive manager of the properties.

All Sears stores that are currently situated on these properties will remain in operation, with no impact on customers or associates as a result of this transaction, the company said.

Sears Canada president and chief executive officer Doug Campbell said the joint venture assets the company is selling to Montez impact neither the company's store operations nor their 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," Campbell added.

The transaction, which is subject to customary closing conditions, including site investigations and financing, is scheduled to close on 8 January 2014.

Sears Canada is a multi-channel retailer with a network that includes 181 corporate stores, 246 hometown dealer stores, over 1,400 catalogue merchandise pick-up locations, 101 Sears Travel offices and a nationwide home maintenance, repair, and installation network.