Seritage Growth Properties jumps on sale progress update

Seritage Growth Properties

17/10/2022 19:07

** Shares of Seritage Growth Properties  SRG.N  up 19.7% at
$9.95 after co details progress on asset sales
    ** In a securities filing on Mon, co says from Mar 30-Oct 13
it sold 45 properties and JV interests, generating $410.9 mln of
gross proceeds
    ** Co says process has generated "a robust sales pipeline,"
and as of Oct 13, it had assets under contract for sale for
total anticipated gross proceeds of $400.3 mln, per the filing
    ** It accepted offers and currently negotiating definitive
purchase and sale agreements on assets with offers of approx
$670 mln 
    ** Also as of Oct 13, the outstanding principal balance
under its term loan agreement with Berkshire Hathaway  BRKa.N 
was $1.27 bln
    ** Seritage says it has not yet received indications of
interest for an acquisition, and it continues to explore a sale
of the entire co
    ** SRG shares on track for biggest one-day gain since Jul 8,
when they surged 80% after board of trustees recommended
shareholders vote at upcoming annual meeting (slated for Oct 24)
to approve sale plan and dissolve the co
    ** Trading volume on Mon of 1,029,895 shares compares to
stock's 10-DMA volume of 629,609, per Refinitiv
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))