Macy's signs asset deal with Brookfield, raises sales guidance: Reuters
Macy’s Inc said it formed a partnership with Canada's Brookfield Asset Management to look at ways it can cash in on the value of its real estate and raised its full-year sales guidance, helping to send its shares up about 7 percent in early trading, Reuters reported. The department store operator said that Brookfield would have exclusive rights to create a “pre-development plan” for about 50 Macy’s real estate assets, including owned and leased stores and associated land. The partnership, which is for up to two years, is the latest move by Macy’s to squeeze more value from its vast real estate holdings across the United States.
10 November 2016•3 mins read
