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Sears Expects $2.5B Real Estate Sale


Sears Holdings Corp is setting up a REIT in the hopes of raising over $2.5B from shareholders. The company's top shareholders, CEO Eddie Lampert and Fairholme Capital Management, together hold nearly a quarter of the company and say they plan to participate in the offering. Sears owns or leases about 1,725 Sears and Kmart stores, and the REIT, Seritage Growth Properties, will buy and lease back about 254 of them, Reuters reports. The move appears to be the latest in a series of efforts to raise finances for the company, which has posted losses over the past three years. Sears also plans to sell a dozen stores through a JV with mall operator General Growth Properties, according to company reps. [Reuters]