Transactions - JULY 13, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Hudson’s Bay sells seven malls for C$1.3b

by Andrea Waitrovich

Retailer Hudson’s Bay Co. and RioCan Real Estate Investment Trust, a Canadian REIT, have closed the first tranche of their joint venture focused on real estate growth opportunities in Canada. 

The joint venture entity acquired properties at a purchase price of approximately C$1.6 billion ($1.3 billion).

HBC contributed seven owned or ground-leased properties (including Hudson’s Bay flagship properties in  Calgary, Montreal, Ottawa and Vancouver) with approximately 2.6 million square feet. The transaction values the first tranche of the HBC real estate contribution at approximately C$1.3 billion ($1.02 billion).

HBC received C$352 million ($276 million) in cash proceeds from third-party debt arranged in conjunction with the closing and assumed by the RioCan-HBC joint venture.

RioCan contributed a 50 percent interest in two mall properties in Ontario (Oakville Place and Georgian Mall) at a gross sales price of C$299 millio

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy