Sears Canada, majority owned by Sears Holdings (OTC:SHLDQ), is having the latest of a great many sales. In this case, however, the items leaving the store are real estate assets. The former announced that it has reached an agreement to sell its 50% interest in eight properties it owns in a joint venture with real estate investment firm Westcliff Group. The buyer is Montez Income Properties, and the price is roughly C$315 million ($301 million) in cash. Westcliff will keep its stake while continuing to be the exclusive manager of the properties.
Sears Canada said that its stores currently located in those facilities will continue to operate.
In the press release announcing the move, Sears Canada CEO Doug Campbell said it was part of a broader strategy for the retailer. "Unlocking the value of assets is a lever we use as a way to help create total value," he stated.
The news comes on the heels of Sears Canada's sale of five store leases to developer Cadillac Fairview, a C$400 million ($382 million) deal announced late last month. Meanwhile, Sears Holdings revealed that it is considering the divestment of its Lands' End and Sears Auto Center assets, and that it expects a net loss of $532 million to $582 million for Q3 2013.
The company lost $498 million in Q3 2012.
Sears Holdings is scheduled to release this year's Q3 results "on or about" Nov. 21 before market open.