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Brookfield Asset Management Enters Exclusive Deal With Macy’s To Help Monetize Assets
After unloading five stores to mall operator General Growth Properties earlier this month, Macy’s has entered a strategic deal with Brookfield Asset Management to evaluate the value of its real estate assets.
Under the deal, Brookfield will have exclusive rights to Macy’s portfolio for up to two years, creating a “pre-development” plan for roughly 50 stores—much of which are either owned or ground-leased in malls not owned by major mall operators, the retailer announced in a release today.
