Separate prospective buyers have agreed to purchase four prominent former Hudson’s Bay Company store properties located across Canada, a new court filing shows.

Meanwhile, a former Bay store in Toronto is slated to become a self-storage facility, pending the city’s approval of a development application.

The properties under sales contracts are currently owned by a joint-venture between RioCan and the Bay. They are part of the once iconic department-store chain’s receivership process. Receiver FTI Consulting unveiled the proposed sales in its latest court update. Three of the properties are located in downtown cores within major markets, while the other is situated in a large regional mall.

The Ontario Superior Court of Justice (Commercial List) filing details proposed sales deals for properties in Vancouver, Calgary, Ottawa and Windsor, all part of the former RioCan-Hudson’s Bay joint-venture that entered receivership in 2025 after the company ceased operations. The Ottawa transaction has already been brought before the court for approval, with the others expected to follow.

CBRE is co-ordinating the marketing effort on behalf of FTI and the court as part of a sale and investment-solicitation process.

In Vancouver, Onni Group has agreed to acquire the downtown Granville Street flagship in the heart of the city’s retail district.

Calgary’s downtown store is set to be purchased by Astra Real Estate Corp., the parent of Peoplefirst Developments, signalling potential conversion of the building—possibly from office to residential use—as part of broader efforts to revive the city’s core.

In Ottawa, the Rideau Street property is being acquired by 2808771 Ontario Limited, with the agreement tied to Claridge Homes. The site is expected to be redeveloped with a residential focus, potentially incorporating additional uses.

In Windsor, Primaris REIT has agreed to acquire the former Hudson’s Bay space at Devonshire Mall, consolidating its control over the shopping centre and allowing it to reposition or re-lease the large anchor unit. Devonshire Mall is a major regional centre located in Windsor’s south end.

The receiver’s filing indicates strong interest in the assets during the sales process, reflecting continued demand for centrally located urban properties despite the decline of traditional department-store formats.

The transactions are expected to close in the coming months, pending court approvals and completion of remaining steps. Most of the properties appear likely to be redeveloped as mixed-use assets that include retail and service-related components.

In Toronto, Brookfield Properties and Larco Investments are seeking to redevelop the former Bay store at Yonge and Bloor Streets into a large self-storage facility. The companies have filed a development application with the city.

Although different land users hold ownership interests, Brookfield and Larco have the two major land holdings covering the former Bay outlet, according to the development application, which was filed by Urban Strategies on behalf of the companies.

The Yonge and Bloor intersection is regarded as the boundary between the downtown and midtown areas. The former Bay store in the heart of downtown Toronto, within CF Eaton Centre on Queen Street, is owned by Cadillac Fairview and is not part of the receivership process or a redevelopment application at this time.

In Montreal as Connect has reported, the James Bay Eeyou Corporation and developer JHD Immobilier have formally offered to buy the historic former downtown Bay store and redevelop it as a museum and cultural hub celebrating Cree heritage. The downtown Montreal location is also held under the RioCan-Bay joint-venture but is not part of the newly disclosed pending sales agreements.

Pictured: Former Bay store in downtown Vancouver.

Photo: Shutterstock