HBC stands to take in about $1.1 billion in cash proceeds from the joint venture transactions, net of expenses, and will put it towards reducing debt on its balance sheet. He manages to do these things.”īeyond unlocking the value of HBC’s real estate, Wednesday’s deals will give a boost to the department store chain’s core retailing operations, which include Hudson’s Bay and Home Outfitters in Canada, and Saks and Lord & Taylor in the U.S., Mr. It had a lot of moving parts all the way through. “I can’t speak for the Simon deal, but our deal was very complex. “Somehow he managed to do what he told me he was going to do three months ago, which was announce them both on the same day,” said Mr. Baker initially approached him last November about the proposed joint venture, as well as his potential plans with Simon. What Hudson’s Bay may have in store for its real estateĮdward Sonshine, CEO of RioCan, recalled Mr.Hudson’s Bay Company takes out $1.25-billion mortgage on Saks Fifth Avenue’s flagship store in New York. Hudson’s Bay taps former Toy R Us boss as new CEO.The agreements also commit $165-million in capital towards renovating stores across North America. HBC will contribute 42 properties in the deal with Simon Property Group. HBC will contribute 10 properties into its new joint venture with RioCan, including its flagship properties in Vancouver, Calgary, Ottawa, and Montreal. Under the terms of the deal, HBC will contribute properties valued at $3.8 billion and its partners, Toronto-based RioCan Real Estate Investment Trust and Indianapolis-based Simon Property Group Inc., will contribute cash and property worth a total of $670 million. This advertisement has not loaded yet, but your article continues below.
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