Rhône to invest $500 mln in HBC, which is selling Lord & Taylor Fifth Ave Building
Rhône Capital has agreed to make an investment of $500 million in global retailer HBC. Also, WeWork Property Advisors, a joint venture between WeWork, an operator of shared office and co-living space and Rhône, has agreed to acquire the Lord & Taylor Fifth Avenue building from HBC in a deal valued at $850 million. The flagship store housed in that space will operate throughout the 2018 holiday season before being turned into WeWork’s New York headquarters, WeWork office space and a redesigned Lord & Taylor store. BofA Merrill Lynch and RBC Capital Markets are serving as financial advisers to HBC while Morgan Stanley is doing likewise to WeWork Property Advisors and Rhône.
24 October 2017•10 mins read
