J.C. Penney is now $248 million richer after selling two million units of its limited partnership interest in Simon Property Group L.P.

“Last year, as we began our journey to transform jcpenney, we determined it was necessary to review and, where appropriate, monetize assets that are not core to our operations,” said chief financial officer Ken Hannah in a statement. “Today’s announcement represents the first step toward executing this plan. In addition, converting this non-core asset into $248 million of cash enhances the company’s already strong balance sheet and liquidity.”

Following the transaction, JCP Realty Inc., a wholly owned subsidiary of J.C. Penney, will continue to hold approximately 205,000 units in Simon’s operating partnership.

JCK