Sears REIT goes public

Sears' new REIT spinoff, Seritage Growth Properties, officially went public on Monday, and initially brought in $1.6 billion through its IPO. Seritage Growth plans to use the proceeds of the offering to fund in part its $2.72 billion purchase of 235 properties and 31 joint-venture interests from Sears. In return, Seritage Growth will lease back all but 11 properties to Sears. Sears initially announced it was considering selling off some of its properties over a year ago to help raise some much needed cash. Story