RioCan-HBC exploring property sale

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.