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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
Add BT as a preferred sourcePublished Sun, Nov 13, 2016 · 09:50 PM
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 for about 50 pieces of Macy's real estate, the retailer said in a statement on Thursday. The holdings include stores and land that Macy's owns or ground-leases - most of which are in shopping centres that aren't owned by major mall owners.
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