Howard Hughes hires Centerview Partners to explore strategic alternatives - CNBC
Real estate developer Howard Hughes Corp has hired Centerview Partners to explore strategic alternatives that include a sale of the company, CNBC reported https://www.cnbc.com/2019/06/27/david-faber-howard-hughes-corp-hires-centerview-to-explore-sale.html on Thursday, citing people familiar with the matter.
Corrects day in paragraph 1 to Thursday from Monday
June 27 (Reuters) - Real estate developer Howard Hughes Corp HHC.N has hired Centerview Partners to explore strategic alternatives that include a sale of the company, CNBC reported on Thursday, citing people familiar with the matter.
Shares of the company surged nearly 23% on the news.
It is not clear whether the company is well suited to the public markets as it has diverse assets that does not lend itself to the recurring and predictable cash flows real estate investors may be looking for, said the report, citing sources familiar with the board's thinking.
The stock's poor performance led management and the board to explore a sale, according to the report. Bankers are also exploring joint ventures or spinoffs as part of their mandate, the report said.
The company was not immediately available for a comment.
(Reporting by Nivedita Balu in Bengaluru; Editing by James Emmanuel)
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