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HBC, RioCan joint venture explores sale of downtown Vancouver property
TORONTO – A joint venture between Hudson’s Bay Co. and RioCan Real Estate Investment trust says it may sell its downtown Vancouver property.
RioCan-HBC JV says in a statement that it’s engaged with CBRE and Brookfield Financial Real Estate Group to explore a sale.
The Granville Street property is currently occupied by a Hudson’s Bay department store, which has a long-term lease.
Interim CEO Richard Baker says any sale would include the continued operation of the store.
The joint venture also says it expects to close on a $200-million mortgage on the property and the proceeds will be distributed proportionally to its partners.
The joint venture owns or controls 10 flagship properties in Canada.
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