Newspaper article The Canadian Press

Sears Canada Sells More Real Estate, Including $100M Distribution Centre

Newspaper article The Canadian Press

Sears Canada Sells More Real Estate, Including $100M Distribution Centre

Article excerpt

Sears Canada selling more real estate

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TORONTO - Sears Canada (TSX:SCC) says it will receive $100 million by selling its distribution centre north of Toronto, though it plans to continue to operate in the building when the deal closes next year.

The retailer also announced Friday that it has vacated another distribution centre at an undisclosed location and sold it for $8.5 million in a deal that is expected to close by the end of the year.

The two agreements are in addition to an $18.1-million sale of a distribution centre and the sale-leaseback of a non-mall property for $10 million, both announced in September and both expected to close by year end.

The locations of those spaces have not been disclosed.

"Sears Canada is taking a proactive approach to its real estate strategy," executive chairman Brandon Stranzl said in a statement. …

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