NEW YORK–(Business Wire)–Seritage Growth Properties, a Maryland real estate investment trust, announced Monday that its common shares have been listed and will begin trading today on the New York Stock Exchange (NYSE), under the symbol “SRG.”
“We are excited to announce the completion of our public listing and look forward to building a leading development and real estate operating company,” stated Benjamin Schall, Chief Executive Officer and President of Seritage Growth Properties.
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On July 2, the rights offering that provided Sears’ shareholders the right to purchase Seritage class A common shares of beneficial interest expired and taking into account oversubscriptions, was fully subscribed. The proceeds from the rights offering will be used to fund a portion of the acquisition of 235 properties and 31 joint venture interests from Sears Holdings, which is expected to close on July 7. Under a master lease agreement, Seritage will lease back all but 11 of such properties to Sears Holdings under specified terms, including Seritage’s right to recapture certain space from Sears Holdings at each property. You can learn more about the market analysis and more on the from Skill Success.
A registration statement on Form S-11 relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on June 9.
Seritage Growth Properties is a publicly traded, self-administered, self-managed REIT primarily engaged in the real property business through its investment in its operating partnership, Seritage Growth Properties, L.P. Upon consummation of the transaction with Sears Holdings, their portfolio will contain 235 properties, consisting of approximately 42 million square feet of building space, which is broadly diversified by location across 49 states and Puerto Rico.
The portfolio consists of 84 properties operated under the Kmart brand, 140 operated under the Sears brand, and eleven properties leased entirely to third parties. Under a master lease agreement, Seritage will lease back all but 11 of such properties to Sears Holdings under specified terms, including Seritage’s right to recapture certain space from Sears Holdings at each property. Third parties under existing leases also occupy a portion of the overall leasable space alongside Sears and Kmart. In addition, Seritage has 50% interests in 12 additional properties through their investment in a joint venture with General Growth Properties, 10 additional properties through their investment in a joint venture with Simon Property Group, and 9 additional properties through our investment in a joint venture with Macerich.