Sears Canada is selling the leases for two of its stores at shopping centres co-owned by Alberta Investment Management Corporation (AIMCo) and Oxford Properties Group, the real estate division of OMERS, for $191 million.
The two stores are located at Yorkdale in Toronto and Square One in Missisauga, Ont. The transactions give the co-owners the right to require the retailer to vacate the stores by March 31, 2014.
In addition, Sears has also agreed to sell an option relating to a third store located at Scarborough Town Centre in Toronto for $1 million. AIMCo and Oxford have five years to exercise the option on this property at a fixed total cost of $53 million.
Last year, the retailer sold its leases to downtown locations in Calgary, Ottawa and Vancouver back to Cadillac Fairview, a unit of the Ontario Teachers’ Pension Plan.
Cadillac Fairview was able to find a new tenant for all three locations, the American high-end department store chain Nordstrom. The first of its Canadian stores is set to open in late 2014.
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