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Deals & Dealmakers

Macy’s hires another real estate exec amid calls for REIT spin-off

Douglas Sesler, who was previously the president of real estate investment firm True Square Capital, has been named Macy’s executive vice president for real estate as the firm faces pressure to spin-off its real estate assets.

“Doug Sesler is a world-class talent with a track record of success in developing, leading and implementing real estate strategies and transactions,” said Terry Lundgren, Macy’s chairman and chief executive. “We will rely on his experience, expertise and discipline to create and structure real estate opportunities that will create shareholder value, sustain our long-term financial strength and enhance our retail business. We are fortunate to have an executive of Doug’s caliber at the helm of our real estate efforts.”

Sesler has worked for companies such as Citigroup and Travelers Realty Investment Company. Prior to joining True Square Capital, he held various leadership positions in Bank of America Merrill Lynch International, including a stint as the firm’s global head of principal real estate investments.

Sesler is the second real estate executive named to a leadership position in Macy’s over the past few weeks. Last month, the company elected William Lenehan, the CEO of Four Corners Property Trust, to its board.

The appointments come as Macy’s faces pressure to spin-off its real estate assets. Activist investor Starboard Value has called on the retailer to boost the value of its real estate holdings.

The company’s real estate portfolio accounts for about 72 percent of its $29 billion value. It currently owns and operates 870 stores in 45 states. This includes its flagship store in Herald Square, which has been valued as high as $4 billion.

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