Hudson’s Bay Co. announces joint real estate ventures
Hudson’s Bay Co has announced two real estate partnerships which it says will unlock the potential of its property portfolio. HBC has chosen Toronto-based RioCan Real Estate Investment Trust and Simon Property Group in Indianapolis as its partners. The deals, which do not include the flagship Saks Fifth Avenue store in Manhattan, will move $3.8 billion of property into the new ventures which will then seek to acquire additional prime retail property assets. That could mean them buying single department store outlets or even malls in deals of up to “a couple of hundred million dollars” CEO Richard Baker said.