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Why Seritage Growth Properties Stock Skyrocketed Today

Joe Tenebruso, The Motley Fool
·1-min read

Shares of Seritage Growth Properties (NYSE: SRG) soared 80% on Friday after the property developer said it would seek the approval of its shareholders to sell its real estate holdings. Seritage's board of trustees has been conducting a strategic review of its assets to maximize shareowner value. As part of those efforts, the board is recommending that shareholders vote during its annual meeting to allow Seritage to sell all its properties and distribute the proceeds to investors.

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