The stock's performance the last three years has led management and the board, including Chairman Bill Ackman, to explore a sale.
The bankers are also exploring joint ventures or spin-offs as part of their mandate, according to people familiar with the situation.David R. Weinreb CEO of The Howard Hughes Corporation., an owner, manager and developer of different types of real estate throughout the U.S., has hired bankers at Centerview Partners to explore strategic alternatives that include a sale of the company, according to people familiar with the situation.
People familiar with the board's thinking say it is unclear the company is well suited to the public markets because — unlike most other real estate companies — it is not a REIT, but a C-Corp and has a diverse collection of assets that does not lend itself to the recurring and predictable cash flows real estate investors may be looking for.
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