Hudson's Bay Sells $533M Stake in Spinoff JV
Hudson's Bay has sold $533M of its equity in HBS Global Properties, a real estate JV with Simon Property Group, at a $4.5B valuation.
Ivanhoé Cambridge purchased a $250M stake, Madison International Realty acquired a $150M stake, and an undisclosed US pension fund purchased $133M worth of equity.
Ivanhoé Cambridge was also granted another representative on HBS's Board of Directors, bringing its total number of board seats to five, CoStar reports. HBC will maintain 63% ownership, and will use the proceeds to reduce an outstanding term loan from $1.09B to $500M.
HBS owns 83 retail locations throughout the US and Germany, including 41 recently acquired Galeria properties. Its North American stores include Hudson's Bay, Lord & Taylor, Saks Fifth Avenue and Saks OFF 5TH, and Home Outfitters. [CoStar]
