In a move to pay down some debt, the Hudson’s Bay Co. said Wednesday that it sold an additional $50 million of its equity in HBS Global Properties to Madison International Realty.

The deal brings Madison International’s total equity investment in HBS Global Properties to $200 million.

HBS Global Properties is Hudson’s Bay’s real estate joint venture with the Simon Property Group. Hudson’s Bay said the proceeds from the sale will be used to reduce borrowings on its revolving credit facility.

This equity sale follows Hudson’s Bay’s announcement in November 2015 that it sold $533 million of equity in HBS Global Properties. The total combined third-party investment of $583 million values HBS Global Properties’ real estate portfolio at $4.5 billion, based on a blended capitalization rate of 5.9 percent.

In its statement, HBC said that the latest transaction “further demonstrates the third-party endorsement of the value of HBC’s real estate venture while reinforcing the high-quality nature of the properties that make up HBS Global Properties’ real estate portfolio.’

HBC will retain about a 61 percent ownership interest in HBS Global Properties as a result of this transaction and following the contribution of Simon Property Group’s $100 million commitment for tenant improvements.

All figures are expressed in U.S. dollars.