Oct 10, 2018
HBC amends Hudson's Bay lease at Oakridge Centre
Oct 10, 2018
HBC announced on Tuesday that it has received $151.5 million, in exchange for certain concessions and approvals related to the redevelopment of Oakridge Centre in Vancouver, BC where the company currently has a lease.
As part of the amendment, HBC has agreed to relocate its Hudson’s Bay store to a new location within the redeveloped Oakridge Centre, where it will remain a retail anchor and pay similar rent as its existing lease.
The owner of banners such as Lord & Taylor and Saks Fifth Avenue said the money was used to repay borrowings on the Company’s revolving credit facility.
After more than a decade of planning, construction at the Oakridge Centre is set to begin at the end of the year and is expected to be completed in 2022, at which time HBC will receive an additional $21 million to outfit the new store.
The site is expected to be transformed into a 4.5 million square foot hub of retail, residential, workspace, parks and civic space. A million square feet will be dedicated to retail space.
Oakridge is currently the second best performing centre in Canada, with sales of nearly $1,600 per square foot.
During the redevelopment, the current Hudson’s Bay location will remain open. The new store is expected to open in 2023.
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