Macy’s and Brookfield Forge Alliance

“We have real estate assets with significant value creation opportunities,” Lundgren says.

CINCINNATI—Macy’s Inc. said Thursday it had formed a strategic alliance with Brookfield Asset Management to create increased value in its real estate portfolio through development. The Brookfield alliance is part of Macy’s previously-announced strategy, which also includes exploring options for its flagship stores.

“We have real estate assets with significant value creation opportunities, and we believe that partnering with a leading global real estate investor like Brookfield is the best way to unlock the potential of those assets,” says Terry J. Lundgren, chairman and CEO at Macy’s. “The Brookfield alliance strengthens our ability to improve the customer shopping experience by giving us greater flexibility to invest in our most productive and highest-potential locations, and to make the most of our real estate assets, or portions of them.”