The Business Times

Property

The Business Times
Subscribe
Share on FacebookShare on TwitterView more
The Business Times
Create a free account with Business Times for seamless access across SPH Media products.
REGISTER
LOGIN

Property

SUBSCRIBERS

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

Published Sun, Nov 13, 2016 · 09:50 PM
Share this article.

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.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Property

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here