Hedge funds urge Macy's to unlock real estate value: sources
New York
SEVERAL hedge funds have asked US department store company Macy's Inc to consider options for its real estate, including selling some major sites and then leasing them back, according to several sources close to the matter.
The push is in line with real estate decisions by some other major retailers that have been beneficial to their stock prices.
Hudson's Bay Co, the parent of Lord and Taylor and Saks Inc, said in February it would form two real estate joint ventures, paving the way for it to sell some of its property assets. Shares of Hudson's Bay have risen almost 50 per cent over the last 12 months.
Sears Holdings Corp also said in April it plans to spin off 254 stores into a real estate investment trust next month, which it estimates will raise US$2.5 billion and alleviate some liquidity concerns. Shares of Sears are up 27 per cent since the beginning of the year, providing a …
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