Hudson’s Bay launches business to maximize value of real estate assets
Hudson’s Bay Company has taken another step towards unleashing the full potential of its real estate and investments business.
HBC, which owns or controls — either entirely or with joint venture partners — 40 million square feet of gross leasable area across North America, unveiled HBC Properties and Investments, a dedicated real estate and investments business to manage, maximize and enhance the company’s portfolio of assets.
The new business includes Streetworks Development, a large-scale property development division that is focused on creating multi-use spaces that feature a variety of services and experiences across the workplace, retail, residential and entertainment categories.
HBC said the launch of HBCPI is part of the company’s shift to a holding company structure with distinct portfolio businesses that operate at “the intersection of retail and real estate.”
“Under this new organization, we will build upon our strong foundation of valuable real estate assets in key demographic areas,” said Richard Baker, executive chairman and CEO, HBC. “We will also continue our strong track record of maximizing our portfolio and generating value from these assets, as we did through the sales of the Lord & Taylor flagship building and our interest in European real estate assets.”
Ian Putnam has been appointed president and CEO of HBC Properties and Investments. He previously served as president, real estate and chief corporate development officer of HBC.
Under the direction of real estate veteran, Kenneth Narva, chairman and chief development officer, the Streetworks Development team will lead the planning and execution of projects that modernize properties to unlock value-enhancing opportunities across the company’s real estate assets. This new division focuses on creating multi-use spaces that feature a variety of services and experiences across the workplace, retail, residential and entertainment categories. With an innovative approach to the entitlement and development process, this team has a strong track record of reinvigorating urban districts, driving the growth of neighborhoods and helping to build communities of the future.
HBC’s retail portfolio includes three companies: Saks Fifth Avenue, Hudson’s Bay and Saks Off 5th.