(Bloomberg) — Hedge fund billionaire Edward Lampert stepped down as chairman of Seritage Growth Properties as it reviews strategic options, the real estate investment trust that emerged from the Sears bankruptcy.
New York-based Seritage, owner of 170 residential, retail and mixed-use properties in the US, has appointed Barclays Plc as its financial advisor, according to a statement on Tuesday. The REIT is in the early stages of its strategic review and said it would not comment further on the process.
Shares were up 2.9% to $10.49 as of 9:40 a.m. New York time. Bloomberg reported that Seritage was considering strategic options, including a sale in February. 27.
Lampert, formerly Sears’ chief executive officer, will retire immediately from the board “to allow additional time to focus on my other investments and to give me more flexibility to explore my investment options in Seritage.” for,” he said in the statement.
Their options may include “participating with parties who are interested in acquiring certain assets and trading shares of the company in open market transactions,” he said.
According to a filing, Lampert holds a 22.1% stake in the company and about 9.3% of Class A shares as of September 30.
Andrea Olshan, who took over as CEO of Seritage a year ago, sought to refocus the company and dilute some assets to raise capital for more profitable development projects, including former Sears stores.
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