The real estate spinoff of Sears Holdings will begin trading today on the NYSE. Seritage Growth Properties, structured as a REIT, estimates that it will receive about $1.6B in its rights offering. Proceeds will be used in part to fund its $2.72B purchase of 235 properties and 31 JV interests from Sears, reports The Wall Street Journal. Sears announced the spinoff plans last year as a way to raise capital. Seritage’s purchase from Sears is expected to close on Tuesday, and it will lease back all but 11 properties to Sears. [WSJ]
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