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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

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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