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Sears Canada to sell 15% stake in Trois-RiviAres joint arrangement for USD35.5m.

M2 EQUITYBITES-May 19, 2014-Sears Canada to sell 15% stake in Trois-RiviAres joint arrangement for USD35.5m

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Sears Canada Inc (TSX:SCC.TO), a multi-channel retailer, announced on Friday that it has entered into an agreement for the sale of its 15% minority ownership interest in the Centre commercial Les Rivieres shopping centre in Trois-Rivieres, Quebec, a joint arrangement the company holds with affiliates of Ivanhoe Cambridge, for pre-tax consideration of USD33.5m.

Reportedly, Ivanhoe Cambridge is purchasing the 15% interest that it does not already own from Sears.

This transaction, which is subject to customary closing conditions, is scheduled to close on 2 June 2014.

According to Sears, it will continue to operate its department store in the shopping centre and Ivanhoe Cambridge will continue to manage the property. Also, this transaction will have no effect on associates employed at the store, nor on the operation of the store, which will continue to serve the residents of Trois-Rivieres and surrounding area as it has proudly done since 2000 and since 1971 in its previous location in the same shopping centre.

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Publication:M2 EquityBites (EQB)
Geographic Code:4EUUK
Date:May 19, 2014
Words:199
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