Hudson's Bay joins real estate venture with Simon Property, RioCan

Canadian retailer Hudson's Bay Co. (HBC) has joined forces with Simon Property Group and RioCan Real Estate Investment Trust to create real estate opportunities both in the United States and Canada. Under the agreement, valued at $3.4 billion, HBC's banners, which include Hudson's Bay, Saks Fifth Avenue and Lord & Taylor, will contribute 42 properties to the venture. The properties will then be leased back under triple-net operating leases to HBC. The venture with RioCan will include 10 owned or ground-leased Hudson's Bay properties. Story