NEW YORK--(BUSINESS WIRE)-- Seritage Growth Properties, (NYSE:SRG), a Maryland real estate investment trust, (“Seritage”) announced today that its common shares have been listed and will begin trading today on the New York Stock Exchange (NYSE), under the symbol "SRG.” “We are excited to announce the completion of our public listing and look forward to building a leading development and real estate operating company,” stated Benjamin Schall, Chief Executive Officer and President of Seritage Growth Properties.

On July 2, 2015, the rights offering that provided Sears’ shareholders the right to purchase Seritage class A common shares of beneficial interest expired and taking into account oversubscriptions, was fully subscribed. The proceeds from the rights offering will be used to fund a portion of the acquisition of 235 properties and 31 joint venture interests from Sears Holdings, which is expected to close on July 7, 2015. Under a master lease agreement, Seritage will lease back all but 11 of such properties to Sears Holdings under specified terms, including Seritage's right to recapture certain space from Sears Holdings at each property.

Seritage’s management team will ring the opening bell today at the New York Stock Exchange at 9:30 a.m. Eastern time. The event can be viewed live on the NYSE’s website at https://nyse.nyx.com/the-bell/todays-bells-live. Photos and video of the NYSE Bell Ringing Ceremony will be available, courtesy of the NYSE, on Facebook (NYSE Euronext) ; Twitter (@NYSEEuronext) and on the NYSE YouTube Channel -- nysetv1.

A registration statement on Form S-11 relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on Tuesday, June 9, 2015. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of the securities under the securities laws of such state or jurisdiction.

About Seritage Growth Properties

Seritage Growth Properties is a publicly traded, self-administered, self-managed REIT primarily engaged in the real property business through its investment in its operating partnership, Seritage Growth Properties, L.P. Upon consummation of the transaction with Sears Holdings, our portfolio will contain 235 properties, consisting of approximately 42 million square feet of building space, which is broadly diversified by location across 49 states and Puerto Rico. The portfolio consists of 84 properties operated under the Kmart brand, 140 operated under the Sears brand, and eleven properties leased entirely to third parties. Under a master lease agreement, Seritage will lease back all but 11 of such properties to Sears Holdings under specified terms, including Seritage's right to recapture certain space from Sears Holdings at each property. Third parties under existing leases also occupy a portion of the overall leasable space alongside Sears and Kmart. In addition, Seritage has 50% interests in 12 additional properties through our investment in a joint venture with General Growth Properties, 10 additional properties through our investment in a joint venture with Simon Property Group, and 9 additional properties through our investment in a joint venture with Macerich.

For more information, please visit www.seritage.com

Forward-Looking Statements

This document contains forward-looking statements, which are based on the current beliefs and expectations of our management and are subject to significant risks, assumptions and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: competition in the real estate and retail industries; our substantial dependence on Sears Holdings Corporation; Sears Holdings Corporation’s termination and other rights under its master lease with us; risks relating to our recapture and acquisition of properties and redevelopment activities; the terms of our indebtedness; restrictions with which we are required to comply in order to maintain REIT status and other legal requirements to which we are subject; and our lack of operating history. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in filings with the Securities and Exchange Commission. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.

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Seritage Growth Properties
646-277-1268
IR@Seritage.com

Source: Seritage Growth Properties