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 7:03pm 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.
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.