Signa Holding GmbH, the Austrian group that owns German department store operator Karstadt, sent Hudson’s Bay Co this week details of the financing it has put together for its 3 billion euro bid for Kaufhof.
Saks Fifth Avenue owner Hudson’s Bay Co said on Wednesday it had received a bid for its German department store chain Kaufhof from Signa Holding, the Austrian property and retail group that owns Karstadt.
Malls have spent a reported $8 billion on renovations to distance themselves from traditional retail outlets. Trends include renaming properties, and adding entertainment and residential features for secondary use.
Retailer Hudson's Bay Co is unlikely to take its vast real estate holdings public any time soon, the head of RioCan Real Estate Investment Trust, a partner in a venture that holds some of those assets, said on Thursday.
The retailer focused on men's casual shirts that are designed to be worn untucked said venture capital firm Kleiner Perkins Caufield & Byers had invested $30 million in the company's first major round of fundraising.
Strong earnings from the battered U.S. retail sector, which helped lift Wall Street on Thursday, also boosted shares of the hard-hit real estate investment trusts that own the properties where the retailers are located