New York -- A Tuesday report by Reuters said that J.C. Penney Co.’s real estate holdings – including stores, DCs and headquarters – are worth a total of $4.06 billion.
An appraisal was conducted for Penney and subsequently disclosed in a presentation to potential lenders that was also filed with U.S. regulators.
Cushman & Wakefield’s appraisal valued the retailer’s 306 owned stores and 123 ground-leased stores at $3.3 billion, significantly under the $5.9 billion value previously estimated by Morgan Stanley. The DCs and home office together are valued at $762 million.
In April, J.C. Penney announced that Goldman Sachs was arranging a $1.75 billion loan to shore up its finances, backed by its real estate.