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HBC Sells $50M Stake In HBS Global Properties
Hudson’s Bay Co has sold an additional $50M of its equity in HBS Global Properties, HBC's real estate JV with Simon Property Group, to Madison International Realty. This follows HBC’s sale last November of $533M of its HBS equity. The total combined third-party investment of $583M values HBS’s real estate portfolio—which includes Galeria Kaufhof, above—at $4.5B. Madison International has made a total equity investment of $200M, says HBC, which will retain a 61% ownership interest in HBS, with Simon investing $100M in tenant improvements.
