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Sears Canada Inc announces closing of transaction of certain joint ventures

Friday, 10 Jan 2014 04:30pm EST 

Sears Canada Inc:Says that the transaction originally announced on Nov. 11, 2013, between the company and Montez Income Properties Corporation to sell its 50 pct joint venture interest in eight properties it owns with The Westcliff Group of Companies (Westcliff) has closed.Says the agreement, which involves four regional shopping centres, two strip centres and two open-format retail centres, and which was subject to customary closing conditions now fulfilled, is for a total consideration received of about $315 million.Says westcliff will continue as 50% owner and exclusive manager of the properties. 

Company Quote

19 Dec 2014