Macerich To Bring Top European Retailers To Kings Plaza
Zacks Investment Research | Jun 16, 2016 07:25AM ET
The Macerich Company (NYSE:MAC) has made the announcement of bringing two important European retailers – Primark and Zara – to Kings Plaza in Brooklyn. This move is in line with the Santa Monica, CA-based retail real estate investment trust’s (“REIT”) strategy of carrying out major redevelopment activities in Kings Plaza and to raise its value.
Notably, the REIT acquired Kings Plaza, the 1.1 million square-foot mall, at the end of 2012 and since then is striving to improve all aspects of this advantageously positioned mall. Importantly, Primark, the leading clothing retailer in Europe, will serve as the anchor for the total redevelopment and transformation of the Sears building at Kings Plaza.
Macerich is engaged in owning, acquiring, leasing, managing, developing and redeveloping regional and community shopping centers in high barrier-to-entry U.S. markets. The company reported first-quarter 2016 adjusted funds from operations (“FFO”) per share of 89 cents, which came in higher than both the Zacks Consensus Estimate and the prior-year quarter tally of 86 cents. Improvement in mall tenant annual sales aided the results.
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