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Macy's taps Brookfield to mine real estate cash

Move comes after department-store firm posts another quarter of declining sales; alliance signals it is getting more aggressive about capitalising on its sprawling holdings
Monday, November 14, 2016 - 05:50

Macy's has been under pressure from activist holder Starboard Value LP since July 2015 to wring more money from its real estate portfolio and consider forming a Reit.

New York

MACY'S Inc hired Brookfield Asset Management to squeeze more money out of its real estate holdings after the largest US department-store company posted another quarter of declining sales.

Brookfield will have the exclusive right for two years to create a development plan

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