Macy's Gives Brookfield Asset Management First Dibs on 50 Stores

Consistent with its previously announced strategy to monetize its real estate portfolio, Macy's (NYSE:M) has reached an agreement with Brookfield Asset Management giving the Canadian firm first rights on 50 of its department store properties. Under the agreement, Brookfield will have exclusive rights for up to 24 months to create a "pre-development plan" for each of the properties, with an option for Macy's to add additional stores to the arrangement...