Hudson’s Bay Co. has sold $533 million of equity in HBS Global Properties.

HBS is the real estate joint venture with Simon Property Group. The equity sale was to three third-party investors. Proceeds from the sale will be used to pay down HBC’s outstanding term loan B borrowings to $500 million from $1.09 billion, the company said.

The equity sale values HBS’s portfolio at $4.5 billion, HBC said.

The investors who acquired the stakes are $250 million by Ivanhoé Cambridge; $150 million by Madison International Realty, and $133 million by a large U.S. pension fund which remained unidentified, HBC said.

HBC still retains a 63 percent stake in the joint venture.

Richard Baker, governor and executive chairman of HBC, said, “These transactions further demonstrate the substantial value of our real estate portfolio, and our ability to unlock this value for our shareholders.”

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