Wall Street Journal / August 25th, 2015
Wall Street Journal reports: Famed retailer Macy’s is considering spinning off its real estate assets into a separate company. Macy’s flagship store located in Herald Square in NY is estimated to be worth $3 to 4 billion dollars.
“The hard part is, there’s nothing like Macy’s Herald Square,” said Jim Costello, senior vice president at Real Capital Analytics, a global commercial real estate data and analytics firm.
The aim is to make the most of those assets at a time when commercial real estate values are soaring and the retailers face long-term challenges from online rivals.
View the full article in Wall Street Journal: Major Retailer Considers Real Estate Spin-Off