By  on February 11, 2019

The Hudson Bay Co. closed on the sale of the Lord & Taylor Fifth Avenue building to WeWork Property Investors for $850 million, as expected.

“This transaction reinforces HBC’s ability to identify undervalued real estate investments with great potential,” said Richard Baker, HBC’s governor and executive chairman. “We continue to strengthen our retail business and unlock the value of our real estate assets.” The deal enables HBC to eliminate the $400 million mortgage it had on the Lord & Taylor property and also reduce borrowings under its asset-based revolving facility.

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