Toronto - Sears Canada Inc. has entered into an agreement for the sale of its 15% minority ownership interest in the Centre commercial Les Rivières shopping centre in Trois-Rivières, Quebec, for $33.5 million. Ivanhoé Cambridge, who holds the center in a joint arrangement with Sears Canada, is purchasing the 15% interest that it does not already own from Sears.
The transaction is subject to customary closing conditions and is scheduled to close on June 2. Sears will continue to operate its department store in the shopping center, and Ivanhoé Cambridge will continue to manage the property. This transaction will have no effect on associates employed at the store, nor on the operation of the store.