HBC to form real estate joint ventures in U.S., Canada

Canadian retailer Hudson's Bay (HBC.TO) said on Wednesday it had agreed to form two real estate joint ventures that would bring in about C$1.1 billion in cash, reducing its debt, and paving the way for an initial public offering or alternate transaction. The company announced separate joint ventures with two real estate investment trusts, or REITs, U.S.-based Simon Property Group Inc (SPG.N) and Canada's RioCan Real Estate Investment Trust (REI_u.TO). HBC will contribute real estate assets, signing long-term leases so it can continue to operate its stores.

via Business News http://ift.tt/17XijgS