NEW YORK CITY—Asserting that the retailer’s property assets are worth $21 billion by themselves, activist investor Starboard Value LP is pressuring Macy’s Inc. to split its real estate into two or more joint ventures. A Starboard presentation made public on Monday cites the success of recent JVs between Hudson’s Bay Co., owner of Saks Fifth Avenue, and shopping center REITs Simon Property Group and RioCan Real Estate Investment Trust.

Starboard, which disclosed a stake in Macy’s this past July, has repeatedly called on the Cincinnati-based retailer to monetize its real estate. Its most recent call to action comes a few days after Macy’s reported disappointing same-store holiday sales and said it had hired Eastdil Secured to help market stakes in its owned stores.

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