Mall operators Simon Property Group (NYSE: SPG) and Brookfield Property Partners (NASDAQ: BPY) joined forces to present a bid to buy J.C. Penney (OTC: JCPN.Q) out of bankruptcy, and theirs has reportedly emerged as the leading offer. While private equity firm Sycamore Partners was offering a somewhat higher amount, Simon and Brookfield are jointly willing to offer concessions on the department store's leases that have led the company and its lenders to view their bid as a better option. Simon is the country's largest mall operator, and J.C. Penney has a presence in about half of its malls, or some 63 locations. Read More...
Simon Property Group and Brookfield Are Leading Bidders to Buy Bankrupt J.C. Penney
Mall operators Simon Property Group (NYSE: SPG) and Brookfield Property Partners (NASDAQ: BPY) joined forces to present a bid to buy J.C. Penney (OTC: JCPN.Q) out of bankruptcy, and theirs has reportedly emerged as the leading offer. While private equity firm Sycamore Partners was offering a somewhat higher amount, Simon and Brookfield are jointly willing to offer concessions on the department store’s leases that have led the company and its lenders to view their bid as a better option. Simon is the country’s largest mall operator, and J.C. Penney has a presence in about half of its malls, or some 63 locations.
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