New: Hudson's Bay Sells Flagship Store

Flagship store on Queen Street sold to Cadillac Fairview for $650-million

Hudson's Bay Co. is selling two properties that house its Toronto flagship store and executive offices to Cadillac Fairview _ the company that operates the neighboring Toronto Eaton Centre.

HBC says it will receive $650 million for the retail complex and the adjoining Simpson's Tower, which is at the corner of Bay and Queen Streets.

Hudson's Bay will then lease back the properties for 25 years with options to extend nearly 50 additional years.

HBC also says its recently acquired Saks Fifth Avenue subsidiary will open a full-service store at the Yonge and Queen location, across the street from the Eaton Centre, and share space with the Bay store.

Saks Fifth Avenue will also open a full-service department store in the southwestern end of Toronto _ at Sherway Gardens mall, which is also owned by Cadillac Fairview.

Cadillac Fairview is the property management arm of the Ontario Teachers Pension Plan, with real estate holdings in several major cities.

Leave a comment:

· Subscribe to comments
Log in and be the first to comment!

Sign Up For Breaking News Alerts

Becoming a member only takes 60 seconds! Members get access to exclusive information and products that non-members do not, including concert ticket presales, trips, advance notice on upcoming entertainment events, movie screening passes, music giveaways and more!

Login with Facebook

Top Stories

Today's Poll

Does it matter to you that Toronto's new police chief, Mark Saunders, is black?

Voting is restricted to one vote every 24 hour(s) VoteResults


Stay connected 24/7! Receive breaking news and programming alerts right to your inbox. CLICK HERE to sign-up.