The agreement, which involves four regional shopping centres, two strip centres and two open-format retail centres, and which was subject to customary closing conditions now fulfilled, is for a total consideration received of approximately $315 million. Westcliff will continue as 50% owner and exclusive manager of the properties.
Sears Canada is a multi-channel retailer with a network that includes 181 corporate stores, 246 hometown dealer stores, over 1,400 catalogue merchandise pick-up locations, 101 Sears Travel offices and a nationwide home maintenance, repair, and installation network.
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