Seritage Shares Up 2.5% On Their First Day Of Trade After Spinoff From Sears

Shares of Seritage Growth Properties , the real estate spinoff of Sears Holdings Corp., climbed more than 2% in their first day of trade Monday. The company, which is structured as a real-estate investment trust, said it will receive about $1.6 billion from its rights offering, The Wall Street Journal reported earlier. Seritage will use the proceeds to fund its $2.72 billion purchase of 235 properties and 31 joint-venture interests from Sears in a deal expected to close Tuesday. The company will lease back all but 11 properties to retailer Sears . Sears shares were down 0.9% and are down 23% in the year so far, while the S&P 500 has gained 0.6%.