Dallas Real Estate Developer Howard Hughes Corp. Weighs Possible Sale

Dallas-based real estate developer Howard Hughes Corp. is considering a sale.The company said Thursday it hired investment bank Centerview Partners to review its options, which could range from a sale or joint venture to spinning off assets. Howard Hughes' lackluster stock performance over the last three years is driving the review. "The board and management are determined to close the significant gap between our share price and the company's underlying net asset value," CEO David R. Weinreb said in a statement.The developer’s projects include New York City’s South Street Seaport and master-planned communities near Houston and Las Vegas.Earlier this week, Allen officials approved Howard Hughes' Monarch City development. The 261-acre project at the southwest corner of North Central Expressway and State Highway 121 in Collin County will bring offices, homes and retailers to a key corner of that intersection.Howard Hughes’ revenue totaled over $1 billion in 2018. Its stock jumped more than 29% to $119.94 on the news.  Continue reading...

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