In conjunction with closing, HBS Global Properties, HBC’s real estate joint venture with Simon Property Group, acquires 59 GALERIA properties.
On September 30, Willkie client Hudson’s Bay Company announced that it has successfully completed its previously announced acquisition of GALERIA Holding, the parent company of Germany’s leading department store GALERIA Kaufhof and Belgium’s only department store, Galeria INNO, for an enterprise value of €2.82 billion. In conjunction with the closing, HBS Global Properties, HBC’s real estate joint venture with Simon Property Group, acquired 59 GALERIA properties. Following the transactions, HBC retains a 92% ownership stake in HBS.
With the completion of the acquisition of GALERIA Holding, HBC has an international retail platform comprising over 460 locations across eight leading banners in four countries. It operates the leading department store banners in Canada, Germany and Belgium, in addition to its iconic Saks Fifth Avenue, Lord & Taylor and Saks OFF 5TH in the United States.
HBS Global Properties now owns an international property portfolio of 83 marquee retail locations across the United States and Germany, including flagship department stores in Berlin, Beverly Hills, Cologne, Dusseldorf, Frankfurt, the greater New York area, as well as properties in other metropolitan and suburban centers.
Read Willkie’s June 15, 2015 Announcement: Hudson’s Bay Company Announces Agreement to Acquire GALERIA Kaufhof from METRO AG for €2.82 Billion
Read Willkie’s July 24, 2015 Announcement: Hudson’s Bay Company, Simon Property Group Announce Closing of $1.8 Billion Joint Venture