Apr
29
Simon, Hudson’s Bay Venture to Acquire Net-Leased Retail Properties
BySimon Property Group has agreed to pay $278.5 million for a 20 percent stake in 42 retail properties owned by Hudson’s Bay Co.
The resulting venture between the two companies would pursue investments in additional net-leased and multi-tenant retail properties in the United States and abroad.
The deal is similar to one the Indianapolis REIT had struck earlier this year with Sears Holding Corp., in which the retailer sold a stake in 10 stores to Simon and agreed to lease them back. Simon’s deal with Hudson’s Bay calls for the Toronto retailer to lease back the properties on a triple-net basis. It will continue to own the remaining 80 percent stake in the properties…
Simon, Hudson’s Bay Venture to Acquire Net-Leased Retail Properties
