Hudson's Bay Nets CA$65M On Toronto Retail Complex

Law360, New York (January 27, 2014, 3:30 PM EST) -- Hudson's Bay Co. has agreed to sell its flagship retail complex in downtown Toronto to an affiliate of The Cadillac Fairview Corp. Ltd. for CA$65 million (US$58.5 million), with Saks Fifth Avenue taking over 150,000 square feet in the fall of 2015, Hudson's announced Monday.

Hudson's Bay will lease back the building from Cadillac Fairview for 25 years with renewal options that could allow it to keep its hand in the property for up to 50 years. The company plans to use the proceeds from the...
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