Crombie Real Estate Investment Trust has received court approval of a lease surrender agreement with Sears Canada Inc. regarding its store at the Avalon Mall in St. John's, Newfoundland and Labrador. In consideration of receiving a $5 million lease surrender fee, Sears has agreed to an early termination of its lease to vacate their 128,000 square foot store by February 28, 2018. This will enable acceleration of Crombie's redevelopment plans for the space. Crombie is currently in the first year of redevelopment at Avalon Mall. This Phase I investment is estimated at $54.5 million. These upgrades are expected to enable Crombie to continue to improve tenant mix, increase customer parking capacity, increase sales per square foot, and maximize property income.