Hudson’s Bay Looking to Sell Vancouver Property
CBJ — Hudson’s Bay Company has plans to sell its iconic flagship store property location in downtown Vancouver.
The Bay’s interim CEO Richard Baker says any sale would include the continued operation of the store but as a tenant only as opposed to the property owner.
A joint venture between the Bay and RioCan Real Estate Investment Trust is expected 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 across the country.