Hudson’s Bay Sheds Another $50M in HBS Global Properties

Rendering of the lobby at Liberty View Industrial Plaza designed by Larry Rosenbloom of Zyscovich Architects.
Rendering of the lobby at Liberty View Industrial Plaza designed by Larry Rosenbloom of Zyscovich Architects.


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.

Buildings in this story

Organizations in this story




{{ story.sponsored_byline | safe }}

{{ story.featured_attachment.caption | safe }}
{{ story.featured_attachment.caption | safe }}


Buildings in this story

Organizations in this story

People in this story

Activity in this story




Loading next story...