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Monday, 24 November 2014
Hudson Bay Mortgages Manhattan Saks Store for $1.25 Billion Dollars
Hudson's Bay has planned for a 1.25 billion dollar mortgage on their store Saks Fifth Avenue in Manhattan New York. The Store located at 611 Fifth Ave is now valued at close to 4 billion dollars, with the leaseback mortgage deal coming in at 1.25 billion dollars.
“As we advance our efforts to create and realize value from our substantial real estate portfolio, it became obvious to us that our Saks Fifth Avenue New York flagship was unique and we should treat this very special asset differently than our other properties,” according to a statement from Richard Baker, HBC’s governor and chief executive officer.
Hudson's Bay is planning a further $250 billion dollars of renovations to the store located in the prime Midtown Shopping District of New York City.