On July 9, 2015, Hudson’s Bay Company (HBC) completed the first tranche of its real estate JV transaction with RioCan REIT (RioCan) and a related restructuring of HBC’s Canadian real estate holdings. The new JV acquired nine retail properties from HBC and RioCan valued at $1.6 billion, and closed a $360 million credit facility from a Canadian banking syndicate.
HBC and the JV were advised by Stikeman Elliott LLP’s Doug Klaassen, Stefan Fews, Nili Birshstein, Marc Simonik, Chad Bass-Meldrum and Michael Yuzdepski (real estate), Jonah Mann, Anne Weintrop and Bessie Qu (corporate securities), Dean Kraus and Jill Winton (tax), Jennifer Legge, Michael Dyck, Mistrale Lepage-Chouinard and Vanessa Beamish (banking).
RioCan was advised by Goodmans LLP’s Juli Morrow and Bram Green (real estate), David Matlow, John Connon and Brenda Gosselin (corporate) and Jon Northup (tax).
The banking syndicate was represented by McCarthy Tétrault LLP’s Jonathan See and Ian Mak (banking), Isabel Henkelman, Andrea Armborst, Mary Pagonis, and Brittany Weikum (real estate).