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Retailing

BRIEFLY

June 13, 1995| Times Staff and Wire Reports

Sears May Sell Its Malls to General Growth: Sears, Roebuck & Co. said it is negotiating the sale of its shopping center properties to General Growth Properties Inc., moving the retailer closer to an exit from the real estate business. Sears said it will negotiate only with the Des Moines, Iowa-based real estate investment trust to unload Homart Development Co.'s mall portfolio, which has been valued at about $1.6 billion. Sears plans to sell the rest of Homart, mostly a portfolio of office buildings, later this year as the Chicago-based company continues its three-year effort to focus on retailing. Sears stock rose 25 cents to $56.875 on the New York Stock Exchange; General Growth rose 25 cents to $20.375 on the NYSE.

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