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Brookfield Property, Simon Property to acquire JCPenney

11
Sep '20
Pic: Shutterstock
Pic: Shutterstock
J.C. Penney Company recently announced that it has reached an agreement in principle to sell JCPenney through a court-supervised sale process. The Brookfield Property Group and the Simon Property Group intend to acquire substantially all of JCPenney’s retail and operating assets for $1.75 billion, which includes a combination of cash and new term loan debt.

The US department store chain plans to seek approval of a disclosure statement and, ultimately, confirmation of a plan of reorganisation in parallel with the sale process.

The agreement contemplates the formation of a separate real estate investment trust and a property holding company, which will include 161 of its real estate assets and all of its owned distribution centres, it said in a statement.

The property holding company will be owned by J.C. Penny’s ad hoc group of first lien lenders.

Fibre2Fashion News Desk (DS)


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