Chicago-based GGP and Seritage Growth Properties, Sears’ real estate investment trust spinoff, previously split ownership of 12 Sears anchor stores through a joint venture formed in 2015.
In July, GGP bought out Seritage’s stake in eight of those stores. GGP also bought a 50 percent interest in five more Seritage-owned Sears stores. The deals, disclosed Tuesday in GGP’s third-quarter earnings report, totaled $247.6 million.. . . more