HBC RioCan joint venture explores sale of downtown Vancouver property

TORONTO — A joint venture between Hudson’s Bay Co. and RioCan Real Estate Investment trust says it may sell its downtown Vancouver property.RioCan-HBC JV says in a statement that it’s engaged with CBRE and Brookfield Financial Real Estate Group to explore a sale.The Granville Street property is currently occupied by a Hudson’s Bay department store, which has a long-term lease.Interim CEO Richard Baker says any sale would include the continued operation of the store.The joint venture also says it expects to close on a $200-million mortgage on the property and the proceeds will be distributed proportionally to its partners.The joint venture owns or controls 10 flagship properties in Canada. read more