(MENAFN) US-based Sears Holdings Corp. signed a joint venture deal worth USD342 million with Simon Property Group Inc. in hopes of capitalizing on its real estate, Market Watch reported.
Sears Holding contributed in a sum of about USD228 million to the joint venture, while Simon Property Group contributed in a sum of USD114 million, according to corporate statements.
Through the deal, Sears is eying a sum of USD2.5 billion by undertaking its 254 properties into a separate real-estate investment trust, nominated Seritage Growth Properties.
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