Canadian retailer Hudson’s Bay Company (HBC) has launched a dedicated real estate and investments business to manage, maximise and enhance the company’s portfolio of assets.
HBC, which completed a deal to go private earlier this year, owns or controls, either entirely or with joint venture partners, 40m square feet of gross leasable area across North America.
The new HBC Properties and Investments (HBCPI) unit also features Streetworks Development, a large-scale property development division that focuses on creating multi-use spaces that feature a variety of services and experiences across the workplace, retail, residential, and entertainment categories.
The launch of HBCPI is the latest milestone in HBC’s shift to a holding company structure with distinct portfolio businesses that operate at the “intersection of retail and real estate.”
“Under this new organisation, we will build upon our strong foundation of valuable real estate assets in key demographic areas. We will also continue our strong track record of maximising our portfolio and generating value from these assets, as we did through the sales of the Lord & Taylor flagship building and our interest in European real estate assets,” said Richard Baker, HBC’s executive chairman and CEO.
Ian Putnam has been appointed president and CEO of HBC Properties and Investments. Putnam previously served as president, real estate and chief corporate development officer of HBC.
“As consumers continue to change the way they live, shop and work, we are committed to capitalising on these shifts while maximising the productivity of our properties, including the physical locations of HBC’s retail operating companies,” he said.
HBC successfully completed its plan of arrangement resulting in it becoming a private company in March. The move coincided with the departure of then CEO Helena Foulkes.