RioCan-HBC ex­plor­ing prop­erty sale

Toronto Star - - BUSINESS - THE CANA­DIAN PRESS

A joint ven­ture be­tween Hud­son’s Bay Co. and RioCan Real Es­tate In­vest­ment Trust says it may sell its down­town Vancouver prop­erty.

RioCan-HBC JV said in a state­ment that it’s en­gaged with CBRE and Brook­field Fi­nan­cial Real Es­tate Group to ex­plore a sale.

The Granville St. prop­erty is cur­rently oc­cu­pied by a Hud­son’s Bay depart­ment store, which has a longterm lease.

HBC in­terim CEO Richard Baker says any sale would in­clude the con- tin­ued op­er­a­tion of the store.

The joint ven­ture also says it ex­pects to close on a $200-mil­lion mort­gage on the prop­erty and the pro­ceeds will be dis­trib­uted pro­por­tion­ally to its part­ners.

The joint ven­ture owns or con­trols 10 flag­ship prop­er­ties in Canada.

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