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Sears to Gain $114 Million From Real Estate Pact With Simon

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Sears Holdings Corp. agreed to form a real-estate joint venture with Simon Property Group Inc. that will generate $114 million, the department-store chain’s latest push to use its extensive properties to shore up its finances.

Sears will transfer 10 properties valued at $228 million to a company that it will own jointly with Simon, the companies said in a statement Monday. A leaseback arrangement means Sears will continue to operate stores at the locations. Simon, a real-estate company, separately agreed to buy another Sears property at the La Plaza Mall in McAllen, Texas.