Sears Canada to gain $27.7 million from sale of its stake in Winnipeg mall

TORONTO – Sears Canada (TSX:SCC) says it will receive $27.7 million from divesting its 20-per cent stake in the Kildonan Place shopping centre in Winnipeg.

The move is part of a sale of the property with partner Ivanhoe Cambridge, which owns the remaining 80 per cent of the interest.

Kildonan Place is being sold to H&R Real Estate Investment Trust for p$138.5 million.

Sears says it will continue to operate its department store at the mall.