Seritage Growth Properties drops on asset sale negotiation

Seritage Growth Properties

13/05/2024 13:05

** Shares of Seritage Growth Properties  SRG.N  plummet over
25% to $6.76 premarket after real estate investment trust says
negotiating agreement on sale of assets
    ** Stock to open at levels last seen in June 2022
    ** Co to sell four assets for gross proceeds of $79.1 mln as
it continues to advance plan of sale
    ** SRG also reports Q1 loss of 36 cents/shr, narrower than
the loss of $1.13/shr reported in Q4 
    ** However, Q1 cash and cash equivalents with co stands at
$114,875, down from Q4's $134,001 
    ** SRG had first announced assets sale plan with the
objective of dissolving the company in July 2022
    ** Up to last close, stock had fallen 0.3% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))