{"id":1004132072,"date":"2015-11-19T08:22:38","date_gmt":"2015-11-19T16:22:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004132072"},"modified":"2020-05-22T00:01:34","modified_gmt":"2020-05-22T08:01:34","slug":"hbs-globals-new-half-billion-dollar-buddies","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hbs-globals-new-half-billion-dollar-buddies\/","title":{"rendered":"HBS Global\u2019s New Half-Billion-Dollar Buddies"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004132073\" style=\"width: 115px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/hbc.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004132073\" data-attachment-id=\"1004132073\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hbs-globals-new-half-billion-dollar-buddies\/hbc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/hbc.jpg\" data-orig-size=\"105,70\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"hbc\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/hbc.jpg?w=105\" class=\"wp-image-1004132073 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/hbc.jpg\" alt=\"hbc\" width=\"105\" height=\"70\" \/><\/a><p id=\"caption-attachment-1004132073\" class=\"wp-caption-text\">Hudson Bay&#8217;s Company logo<\/p><\/div>\n<p>First there were two, now there are five. HBS Global Properties, the retail real estate joint venture launched this year by <a href=\"https:\/\/www.hbc.com\" rel=\"nofollow\" target=\"_blank\">Hudson\u2019s Bay Co.<\/a> and <a href=\"https:\/\/www.simon.com\/\" rel=\"nofollow\" target=\"_blank\">Simon Property Group<\/a>, has sold $533 million of equity to three investors. <a href=\"https:\/\/www.ivanhoecambridge.com\/en\" rel=\"nofollow\" target=\"_blank\">Ivanho\u00e9 Cambridge<\/a>, <a href=\"https:\/\/madisonint.com\/\" rel=\"nofollow\" target=\"_blank\">Madison International Realty<\/a> and a large U.S. pension fund now own a piece of the mushrooming HBS Global portfolio, which is valued at $4.5 billion.<\/p>\n<p>It was HBC that sold a half-billion dollars of its equity to <a href=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-jv-grabs-minority-interest-in-windy-city-property\/\" target=\"_blank\">Ivanhoe<\/a>, <a href=\"https:\/\/www.commercialsearch.com\/news\/frothy-times-smart-investing-insights-from-madison-international-realtys-ronald-dickerman\/\" target=\"_blank\">Madison<\/a> and the pension fund, which invested $250 million, $150 million and $133 million, respectively. HBC, which announced in September that it would sell as much as $600 million of equity in HBS Global, will couple the proceeds with a bit of cash in hand to shrink its $1.085 billion of outstanding term loan B borrowings to $500 million.<\/p>\n<p>Post equity sale, HBC continues to hold the majority interest in HBS Global, with a 63 percent share of the joint venture, and <a href=\"https:\/\/www.commercialsearch.com\/news\/simon-unveils-expansion-plan\/\" target=\"_blank\">Simon<\/a>\u2019s stake remains the same at 13 percent. Ivanho\u00e9 Cambridge has an 11 percent ownership interest and representation on HBS Global\u2019s board of directors, Madison International holds 7 percent and the unidentified pension fund claims 6 percent of the joint venture.<\/p>\n<p>In a prepared statement Lee Neibart, CEO of HBS Global, said, \u201cWe are excited to combine the expertise of our new investors with our team to continue to grow our portfolio through anticipated accretive acquisitions in the United States and Europe.\u201d<\/p>\n<p>It\u2019s been an eventful few months for HBS Global, which officially closed in July with Simon&#8217;s contribution of a total of 42 owned or ground-leased assets. In September, the joint venture \u2014 which focuses its acquisition efforts on credit tenant, net-leased and multi-tenanted retail properties in the U.S. and abroad \u2014 acquired GALERIA Holding, parent company of Germany\u2019s leading department store GALERIA Kaufhof, in a transaction valued at $3 billion. Today, HBS Global\u2019s portfolio consists of 83 premier properties encompassing 17.8 million square feet, 5.4 million square feet of which is in the U.S.<\/p>\n<p><em>Logo courtesy of BusinessWire.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture from Hudson&#8217;s Bay Co. and Simon Property Group has unloaded $533M of equity to three investors.<\/p>\n","protected":false},"author":969,"featured_media":1004132073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,21742],"tags":[],"class_list":["post-1004132072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>HBS Global\u2019s New Half-Billion-Dollar Buddies - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hbs-globals-new-half-billion-dollar-buddies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HBS Global\u2019s New Half-Billion-Dollar Buddies\" \/>\n<meta property=\"og:description\" content=\"A joint venture from Hudson&#039;s Bay Co. and Simon Property Group has unloaded $533M of equity to three investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hbs-globals-new-half-billion-dollar-buddies\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-19T16:22:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T08:01:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/hbc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"105\" \/>\n\t<meta property=\"og:image:height\" content=\"70\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hbs-globals-new-half-billion-dollar-buddies\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hbs-globals-new-half-billion-dollar-buddies\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"HBS Global\u2019s New Half-Billion-Dollar Buddies\",\"datePublished\":\"2015-11-19T16:22:38+00:00\",\"dateModified\":\"2020-05-22T08:01:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hbs-globals-new-half-billion-dollar-buddies\\\/\"},\"wordCount\":352,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hbs-globals-new-half-billion-dollar-buddies\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/11\\\/hbc.jpg\",\"articleSection\":[\"Deals\",\"Finance\",\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hbs-globals-new-half-billion-dollar-buddies\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hbs-globals-new-half-billion-dollar-buddies\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hbs-globals-new-half-billion-dollar-buddies\\\/\",\"name\":\"HBS Global\u2019s New Half-Billion-Dollar Buddies - 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