Hudson's Bay Company looking to sell flagship Vancouver property
The Canadian Press | Posted: October 31, 2017 2:11 PM | Last Updated: October 31, 2017
Interim CEO says any sale would include the continued operation of the store
Hudson's Bay is looking to sell its flagship store in downtown Vancouver.
A joint venture between Hudson's Bay Co. and RioCan Real Estate Investment Trust says it may sell its downtown Vancouver property.
A statement said that it's engaged with CBRE and Brookfield Financial Real Estate Group to explore a sale.
The Granville Street property is currently occupied by a Hudson's Bay department store, which has a long-term lease.
Interim CEO Richard Baker says any sale would include the continued 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.