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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Brookfield Property Partners L.P.    BPY   BMG162491077

BROOKFIELD PROPERTY PARTNERS L.P.

(BPY)
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Mall Landlords Brookfield, Simon Bid for Penney Sites -- WSJ

08/13/2020 | 02:48am EST

By Alexander Gladstone and Andrew Scurria

Two of J.C. Penney Co.'s largest landlords have emerged as the leading contenders to acquire the department-store chain's retail business out of bankruptcy, according to people familiar with the matter.

Simon Property Group Inc., the biggest mall owner in the U.S. by number of malls, and Brookfield Property Partners LP, another big shopping center owner, have joined together and are in advanced talks to purchase Penney's retail operations, people familiar with the matter said. In recent days, the pair have eclipsed other interested bidders, according to the people.

Penney reviewed a competing offer from private-equity firm Sycamore Partners that carried a slightly higher price tag, some of the people said. But Simon and Brookfield offered certain concessions over lease agreements that Penney and its lenders viewed as delivering better value, the same people said.

Simon didn't respond to requests for comment. Representatives for Penney, Brookfield and Sycamore declined to comment.

The negotiations are fluid, the people said, and aren't certain to produce an agreement acceptable to Penney and its top lenders. Other bidders would have the opportunity to top the lead offer, which also requires approval from the judge presiding over Penney's chapter 11 case in the U.S. Bankruptcy Court in Corpus Christi, Texas.

Penney is one of Simon's top anchor tenants, second only to Macy's Inc. If a deal comes together, it would save Penney from a possible liquidation and mark another acquisition by Simon of a bankrupt tenant. The company was part of a group that bought Forever 21 Inc. out of chapter 11 in February and Aéropostale Inc. in 2016. Simon also has agreed to buy Brooks Brothers out of bankruptcy for $325 million in a joint bid with apparel-licensing firm Authentic Brands Group LLC.

Years of changing shopping habits and growing e-commerce competition have pressured many bricks-and-mortar retailers. More recently, the coronavirus pandemic has choked off rent collections for retail landlords.

Simon has been exploring with Amazon.com Inc. the possibility of turning over space left by ailing department stores like Penney into Amazon distribution hubs, reflecting both the decline of malls as shopping destinations and the boom in online buying.

During a court hearing Wednesday, Penney bankruptcy lawyer Joshua Sussberg said the company was "in the red zone" regarding a sale but didn't offer specifics. Top lenders including H/2 Capital Partners LLC, Sixth Street Partners and Sculptor Capital Management have bid for Penney's real-estate assets, which would be spun off into an investment trust.

The coronavirus pandemic accelerated Penney's long decline when malls and stores around the country were forced to close temporarily. As state and local governments relaxed restrictions on nonessential shopping in recent weeks, all of the company's stores have reopened. It has said 150 locations out of the roughly 850 it brought into bankruptcy will close for good.

Esther Fung contributed to this article.

Write to Alexander Gladstone at alexander.gladstone@wsj.com and Andrew Scurria at Andrew.Scurria@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD PROPERTY PARTNERS L.P. -0.32% 17.01 Delayed Quote.17.90%
OLD COPPER COMPANY, INC. 0.81% 0.0988 Delayed Quote.-30.85%
SCULPTOR CAPITAL MANAGEMENT, INC. -0.52% 17.74 Delayed Quote.17.50%
SIMON PROPERTY GROUP, INC -1.83% 92.84 Delayed Quote.11.74%
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More news
Financials (USD)
Sales 2020 5 296 M - -
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 7,80%
Capitalization 7 995 M 7 995 M -
Capi. / Sales 2020 1,51x
Capi. / Sales 2021 1,42x
Nbr of Employees 22 000
Free-Float 48,0%
Chart BROOKFIELD PROPERTY PARTNERS L.P.
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Brookfield Property Partners L.P. Technical Analysis Chart | MarketScreener
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Technical analysis trends BROOKFIELD PROPERTY PARTNERS L.P.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 17,40 $
Last Close Price 17,06 $
Spread / Highest target 5,51%
Spread / Average Target 1,99%
Spread / Lowest Target -0,35%
Managers and Directors
NameTitle
Brian William Kingston Chief Executive Officer
Richard Byron Clark Chairman
Bryan Kenneth Davis Chief Financial Officer
Omar Carneiro da Cunha Sobrinho Independent Director
Stephen DeNardo Independent Director