Renewable Energy

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)

((Nivedita.Balu@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 4822; Reuters Messaging: Nivedita.Balu.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More