Land and Buildings reiterates HBC real estate worth more: Reuters
U.S. activist hedge fund investor Land and Buildings reiterated that Canadian department store operator Hudson’s Bay Co’s real estate assets were worth substantially more than the company’s current market valuation, Reuters reported. Jonathan Litt-led Land and Buildings, which held a 5 percent stake in Hudson’s Bay as of July, has been pressing the company to boost its sliding share price by extracting value from its real estate holdings. Hudson’s Bay this year sold its flagship Lord & Taylor building in New York for US$850 million, and has put up its Vancouver store for sale for $900 million. Litt said the company’s real estate and capital deals could give it a cash hoard of more than US$3 billion, which would help fund a going private transaction.
