Hudson’s Bay Co. is paying C$3.2bn (€2.83bn) to acquire the Galeria Kaufhof chain of department stores from Metro, and will finance the deal via the sale of 40 Kaufhof buildings into a joint venture with Simon Property Group.
The property sale will raise a minimum C$3.3bn.
Hudson’s Bay’s chief executive, Jerry Storch, said the deal would provide the company with a strong base on which to expand further within the European retail sector. Its chief financial officer, Paul Beesley, said the joint venture, and another with RioCan real Estate Investment Trust, could both be listed in the future.
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The Independent, p. 54
