Mall Owners Simon, Brookfield Property Jump In To Save JC Penney
Mall Owners Simon, Brookfield Property Jump In To Save JC Penney
Mall owners Simon Property Group (NYSE:SPG) and Brookfield Property Partners (NASDAQ:BPY) are close to acquiring mall retailer J C Penney Company Inc (OTC:JCPNQ) and its 650 stores.
What Happened: A J.C. Penney lawyer, according to Reuters, says there is a non-binding letter of intent with the two mall operators for $800 million. The deal would close in early October, pending court approval.
The two mall owners will pay $300 million in cash and assume $500 million in debt. Wells Fargo & Co (NYSE:WFC) will give a $2 billion revolving credit to J.C. Penney once the deal is completed.
Current J.C. Penney lenders will own some stores and distribution centers through two different REITs.
Why It’s Important: J.C. Penney filed for Chapter 11 bankruptcy in May with 850 locations and annual revenue of $10.7 billion.
The mall owners are rumored to have made the deal to prevent empty department stores that can trigger co-tenancy clauses for their mall tenants to re-negotiate lease terms or vacate. The two owners also can repurpose real estate how they see fit.
Price Action: Simon Property Group and Brookfield Property Partners shares are down 53% and 40%, respectively, in 2020. J.C. Penney's stock was up 108% to 40 cents a share on news of the deal.
Photo credit: Miosotis Jade via Wikimedia Commons
Mall owners Simon Property Group (NYSE:SPG) and Brookfield Property Partners (NASDAQ:BPY) are close to acquiring mall retailer J C Penney Company Inc (OTC:JCPNQ) and its 650 stores.
What Happened: A J.C. Penney lawyer, according to Reuters, says there is a non-binding letter of intent with the two mall operators for $800 million. The deal would close in early October, pending court approval.
發生了什麼： J.C. Penney 的律師， 據路透社報道，表示與兩家購物中心運營商簽訂了一份不具約束力的8億美元意向書。該交易將於10月初完成，等待法院批准。
The two mall owners will pay $300 million in cash and assume $500 million in debt. Wells Fargo & Co (NYSE:WFC) will give a $2 billion revolving credit to J.C. Penney once the deal is completed.
兩位購物中心老闆將支付3億美元的現金，並承擔5億美元的債務。 富國銀行 （紐約證券交易所：WFC）交易完成後，將向J.C. Penney提供20億美元的循環信貸。
Current J.C. Penney lenders will own some stores and distribution centers through two different REITs.
目前的J.C. Penney貸款機構將通過兩個不同的房地產投資信託基金擁有一些門店和配送中心。
Why It’s Important: J.C. Penney filed for Chapter 11 bankruptcy in May with 850 locations and annual revenue of $10.7 billion.
爲什麼它很重要： J.C. Penney於5月申請了第11章破產，擁有850個分支機構，年收入爲107億美元。
The mall owners are rumored to have made the deal to prevent empty department stores that can trigger co-tenancy clauses for their mall tenants to re-negotiate lease terms or vacate. The two owners also can repurpose real estate how they see fit.
有傳言說，購物中心業主達成協議是爲了防止百貨商店空置，這可能會觸發共同租賃條款，讓購物中心租戶重新談判租賃條款或撤離。這兩位業主還可以按照他們認爲合適的方式重新利用房地產。
Price Action: Simon Property Group and Brookfield Property Partners shares are down 53% and 40%, respectively, in 2020. J.C. Penney's stock was up 108% to 40 cents a share on news of the deal.
價格走勢： 2020年，西蒙房地產集團和布魯克菲爾德房地產合夥人的股價分別下跌了53％和40％。這筆交易的消息傳出後，J.C. Penney的股價上漲了108％，至每股40美分。
Photo credit: Miosotis Jade via Wikimedia Commons
照片來源：Miosotis Jade 通過維基共享資源
譯文內容由第三人軟體翻譯。
風險及免責聲明
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用瀏覽器的分享功能，分享給你的好友吧