Hudson’s Bay Co. (TSX: HBC) has sold an additional stake in HBS Global Properties to Madison International Realty for $50 million. HBS Global is a joint venture between Hudson’s Bay and mall operator Simon Property Group. Following the transaction, Hudson’s Bay will still own a 61 percent stake in HBS Global.
Madison International, a New York-based real estate firm, was part of a group that purchased a stake in HBS Global in November for $533 million. Other investors in that transaction include Montreal-based real estate company Ivanhoe Cambridge, which put in $250 million and an undisclosed U.S. pension fund which picked up a portion valued at $133 million. Hudson’s Bay says the two deals combined values HBS Global’s entire real estate portfolio at $4.5 billion.