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Sears Canada sells its stake in 8 properties for $315M, will keep stores open

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TORONTO - Sears Canada Inc. (TSX:SCC) is selling its 50 per cent interest in eight properties for about $315 million, the national retailer's latest major real estate transaction.

Montez Income Properties Corp. will buy a 50 per cent stake in a joint venture that Sears has with Westcliff Group, which will continue to own the other 50 per cent stake and manage the properties, all of which are in Quebec.

Sears says it will continue to operate the stores on the properties and the real estate deal won't affect the stores' employees or customers.

It's the latest real estate transaction for Sears Canada, a national retailer with about 181 corporate stores and 246 dealer stores.

Two weeks ago, Sears announced it would close five stores as part of a deal to sell its rights to the retail space in Toronto's Eaton Centre and four other locations for $400-million.

Similar deals announced earlier this year by Sears will see it vacate and close a number of other stores by the end of March.

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