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Daniel Loeb’s hedge fund takes a stake in Macerich Company
Third Point expected to push for change at the company, including possible sale
Daniel Loeb’s hedge fund Third Point has acquired a roughly 5 percent stake in Macerich Company, a real estate investment trust that owns regional malls across the country.
Third Point will likely pursue changes at the company and look into selling it, according to Bloomberg.
The well-publicized struggles of traditional retailers have put Macerich under intense pressure, and the company unveiled a new clause last week that would give top executives higher payouts if they were fired within two years of a change in ownership.
Macerich currently owns 54 million square feet of real estate in places including New York, Chicago, Arizona and the West Coast.
Third Point landed a deal to move into the top floors of 55 Hudson Yards earlier this year, and the company paid about $24 million last year for a 90 percent stake in a Long Island City warehouse at 30-02 48th Avenue. Loeb was revealed as the secret backer of Shahab Karmely’s KAR Properties earlier this year. [Bloomberg] – Eddie Small