Billionaire investor Warren Buffett disclosed an 8.02 percent stake in Seritage Growth Properties (SRG.N), a real estate trust created by retailer Sears Holdings Corp (SHLD.O). Buffett’s passive stake in Seritage is valued at $70.5 million based on the stock’s Wednesday close, according to a regulatory filing. HomeServices of America Inc, a unit of Buffett’s Berkshire Hathaway Inc (BRKa.N), agreed to buy luxury real estate broker Allie Beth Allman & Associates in November. Seritage was formed by Sears Holdings in June by spinning off about 254 Sears and Kmart stores, as part of the struggling retailer’s plans to raise cash. The REIT, which now also includes Sears’ 50 percent interest in joint ventures with three mall operators, has leased the stores back to Sears for operation. (Reporting by Manish Parashar in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila) Read more at Reutershttp://www.reuters.com/article/us-seritage-growth-equity-buffett-idUSKBN0TT1OH20151210#BGM5CiFVrWjtEq0t.99
Source: Reuters.comBuffett reports 8.02 percent stake in Sears’ REIT Seritage Growth
Industry: Other 2015-12-11
