HBC, RioCan agree to sell Vancouver store for $675 mln: Reuters

Canadian department store owner Hudson’s Bay Co and joint venture partner RioCan REIT have signed a conditional agreement to sell HBC’s flagship store in Vancouver for about $675 million to an Asian buyer, a source told Reuters. The buyer, who owns a closely-held real estate company, is seeking to arrange interim financing from at least one Canadian lender. The deal is expected to close in June. It progresses HBC’s efforts to extract value from its substantial real estate holdings as it battles a retail industry-wide slump and faces investor pressure to lift its share price.

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