Target a target?

A press release from a hedge fund owner has ignited some debate over the future of Minneapolis-based Target Corp.

“Pershing said it will present details on Wednesday about a potential transaction that the firm reckons ‘will build long term value for Target,’” the release said.

Since Pershing first disclosed its stake in Target, there’s been speculation that the hedge fund firm may try to find a way to unlock the value of Target’s large real estate holdings, according to Marketwatch.

Target owns its stores, while chains like WalMart lease their space.

It’s probably worth remembering that when KMart was sold off years ago, it was to get at the value of the real estate.

Pershing already has a 10-percent stake in Target. Here’s an old Star Tribune profile of Pershing’s boss, Bill Ackman, who — the Star Tribune notes — doesn’t always play nice.

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