The Hudson’s Bay Company department store chain’s parent firm has earned US$340 million from the sale of real estate assets in Canada and the U.S., the Canadian Press reported.
The historic chain, also known as the Bay, dates back to 1670, more than 200 years before Canada became a country.
HBC LP, which also owns U.S.-based Saks Fifth Avenue and Saks OFF 5th, issued a statement saying that it owns and develops a North American real-estate portfolio totalling approximately US$7 billion, CP reported
The parent company shut two Bay stores in Alberta earlier this year and previously faced pressure from investors to sell underperforming assets. The two shuttered stores were located in Banff and Edmonton.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.