Source: GlobeNewswire

Press Release: Sears : RioCan REIT Announces Agreements With Sears Canada at RioCan Oakville Place and Garden City Shopping Centre

TORONTO, Oct. 05, 2017 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) is pleased to announce that it has entered into agreements with Sears Canada Inc. ("Sears"), which received court approval on October 4, 2017. Sears is currently subject to restructuring proceedings under the Companies' Creditors Arrangement Act ("CCAA"). RioCan and its co-owner Hudson Bay Company ("HBC") have secured a surrender agreement with Sears for its location at RioCan Oakville Place, in Oakville, Ontario for a fee of $4 million (at 100%). In addition, at Garden City Shopping Centre in Winnipeg, Manitoba, RioCan and its co-owner Bayfield Realty Advisors ("Bayfield") have entered into an agreement to purchase the freehold interest in the Sears location for a purchase price of $8 million (at 100%).

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Ronald D. Boire's photo - President & CEO of Sears

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Sears Canada owns and operates a chain of department stores.

Sears's headquarters is in Toronto, Other. Sears has a reve...
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