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Sears, Simon Property Form JV

Sears, Simon Property Form JV

Sears and Simon Property Group announced this morning they'd formed a joint venture giving Simon 10 Sears properties at a $114M value. The properties, all within Simon malls, are valued at $228M. Simon will contribute the $114M to the JV in exchange for ten-year leases (with two five-year renewal options) on the stores. The news follows Sears' announcement earlier this month that it was forming a real estate investment trust with the goal of raising $2.5B.

Sears cheif Eddie Lampert said in a statement that "Sears Holdings will continue to operate these 10 stores and there will be minimal impact on their day-to-day operations or the overall shopping experience for our members.”