The sale follows the November 2015 sale of $533 million of equity in HBS, its real estate joint venture with Simon Property Group.
On March 30, Willkie client Hudson’s Bay Company (HBC) announced that it has sold an additional $50 million of its equity in HBS Global Properties, HBC’s real estate joint venture with Simon Property Group, to Madison International Realty. The equity sale follows the November 2015 sale of $533 million of equity in HBS, on which Willkie advised HBC.
The total combined third-party investment of $583 million values HBS Global Properties’ portfolio at $4.5 billion. HBC will retain an approximate 61% ownership interest in HBS as a result of the transaction.
The Willkie team for the current transaction was led by partners Gordon Caplan, Gregory Astrachan, Russell Leaf and Michael Brandt and included partner Henry Cohn and associates Patrick Horan and David Blassberger.