Hudson’s Bay Sheds Another $50M in HBS Global Properties
Danielle Balbi March 30, 2016, 6:38 p.m.
Hudson’s Bay Company, which is bringing a Saks Off Fifth to Liberty View Industrial Plaza in Sunset Park, Brooklyn, has sold off even more of its equity in HBS Global Properties as a means of reducing its debt.
Madison International Realty nabbed the latest $50 million equity interest, bringing its total investment in HBS to $200 million, according to a press release issued today. The firm made its original $150 million investment in November 2015. That month, Hudson’s Bay let go of a total of $533 million in equity in HBS. Ivanhoé Cambridge was one of the other buyers with a $250 million investment.
The selling spree is part of a move Hudson’s Bay announced last September to sell off between $400 million to $600 million in equity in HBS, its joint venture with Simon Property Group, the largest U.S. shopping mall owner, in order to reduce its revolving credit facility to $500 million from $1.1 million.
Now, Hudson’s Bay has reduced its ownership interest in HBS to roughly a 61 percent.