Boston-based Putnam Investments has placed a large bet that struggling US shopping malls will be able to transform themselves despite ongoing store closures and bankruptcies in the bricks-and-mortar retail sector, so far without success. The company is betting on two major developments — one being an expansion of its existing mall chain into new locations across the country, while another is a planned development at Boston Landing Mall in South Boston,
Boston-based Putnam Investments has placed a large bet that struggling US shopping malls will be able to transform themselves despite ongoing store closures and bankruptcies in the bricks-and-mortar retail sector, so far without success. Putnam is betting the mortgages of the shopping malls linked to the CMBX Series 6 index, including Sears Holdings and JC Penney, will not go bad, while on the other hand Alder Hill Management is betting there will be loan defaults and write-downs on their properties.