Howard Hughes, the major developer of downtown Columbia, is exploring a potential sale.
According to Bloomberg, Howard Hughes Corp. is working with advisers to “explore strategic options including potential sales of the company.”
As news leaked out, Howard Hughes stock jumped 37 percent.
Howard Hughes has been a major developer of the revitalization efforts in downtown Columbia as well as other master planned communities across the United States.
Howard Hughes is working with Centerview Partners on the review, which may also result in a sale or spinoff of certain assets, a recapitalization or changes in corporate structure, according to Howard Hughes.
In a statement from the Howard Hughes Corp, Chief Executive Officer David Weinreb said, “Our business continues to perform extremely well across our three core segments, with price per acre of land sold, net operating income, and condo sales all exceeding our expectations; however, our stock continues to languish below its net asset value per share. The board and management are determined to close the significant gap between our share price and the company’s underlying net asset value.”
The company has not set a timetable for the conclusion of its review of strategic alternatives.