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TORONTO — Canadian department store owner Hudson’s Bay Co and joint venture partner RioCan REIT have signed a conditional agreement to sell HBC’s flagship store in downtown Vancouver for about $675 million (US$524.4 million) to an Asian buyer, a person familiar with the matter told Reuters.
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The buyer, who owns a closely held real estate company, is seeking to arrange interim financing from at least one Canadian lender, according to the person, who declined to be identified as the deal has not been made public yet. The source declined to identify or give the nationality of the buyer, but said the deal is expected to be finalized by mid-June.
RioCan and Hudson’s Bay, which owns the Saks Fifth Avenue and Lord & Taylor brands, said in October they were exploring the sale of the store.