Hudson's Bay Company looking to sell flagship Vancouver property
Interim CEO says any sale would include the continued operation of the store
Hudson's Bay is looking to sell its flagship store in downtown Vancouver.
A joint venture between Hudson's Bay Co. and RioCan Real Estate Investment Trust says it may sell its downtown Vancouver property.
A statement said 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.