HBC, RioCan joint venture explores sale of downtown Vancouver property

October 30, 2017 - 1:11 PM

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.

News from © The Canadian Press, 2017

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