Property News · September 24, 2018

US mutual fund Putnam bets struggling malls will transform to survive, pitting it against hedge funds


Putnam Investments has placed a large, concentrated bet that struggling US shopping malls can transform themselves even as key tenants shut stores or file for bankruptcy.
So far, it is winning – to the chagrin of hedge funds like Alder Hill Management that are on the other side of the bet.
Putnam, a Boston-based mutual fund firm, holds more than US$1 billion worth of derivatives tied to mortgages on shopping malls, office buildings and hotels, according to interviews and filings analysed…

Source : South China Morning Post
Read more…US mutual fund Putnam bets struggling malls will transform to survive, pitting it against hedge funds