{"id":1004152468,"date":"2016-09-15T01:17:47","date_gmt":"2016-09-15T09:17:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004152468"},"modified":"2020-05-13T23:55:53","modified_gmt":"2020-05-14T07:55:53","slug":"madison-international-realty-buys-stake-in-hudsons-bay","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/madison-international-realty-buys-stake-in-hudsons-bay\/","title":{"rendered":"Madison International Realty Buys Stake in Hudson\u2019s Bay"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/p>\n

\"Ronald<\/a>

Ronald Dickerman, Madison International Realty<\/p><\/div>\n

New York<\/strong>\u2014Madison International Realty<\/a> and affiliates have acquired 1.3 percent of the common stock of retail giant Hudson\u2019s Bay Co.<\/a>, the real estate private equity firm announced Tuesday. The acquisition follows an earlier investment<\/a> in HBS Global Properties, the joint venture between HBC and Simon Property Group<\/a>.<\/p>\n

Madison did not respond to Commercial Property Executive<\/a><\/em>\u2019s request for additional information.<\/p>\n

With the stock\u2019s current price hovering around 17.00 CAD and outstanding shares of HBC totaling about 182.2 million, according to Bloomberg, Madison\u2019s investment presumably cost about 40.1 million CAD, or about 30.4 million USD.<\/p>\n

HBC owns and operates, along with the Hudson\u2019s Bay stores, the Saks Fifth Avenue and Lord & Taylor department store chains, as well as, since a giga-purchase last September, German department store chain Galeria Kaufhof<\/a>, its Belgian subsidiary Galeria INNO and the German Sportarena chain.<\/p>\n

\u201cThe significant value embedded in Hudson\u2019s Bay\u2019s real estate is clear and the investment across the store network, digital platform, and into complementary brands will serve to optimize margins and profitability as well as further enhance the inherent real estate value, which can be monetized methodically over time,\u201d Andrew Schaffler, Madison\u2019s director of listed real estate securities, said in a prepared statement.<\/p>\n

\u201cSimilar to successes experienced in Canada, recent investments are already yielding positive results including the upcoming introduction of existing brands in Germany, improving margins in the off-price channel, and corporate synergies,\u201d he added.<\/p>\n

Madison\u2019s announcement highlighted Hudson\u2019s Bay\u2019s balance sheet, noting its \u201climited maturities and extended term well beyond retail peers, allowing for lower sensitivity to economic cycles and ample runway for return on recently and pro-forma invested capital.\u201d<\/p>\n

In July, Madison announced the final closing<\/a> of its latest fund, Madison International Real Estate Liquidity Fund VI LP, with $1.39 billion of equity commitments, exceeding its $950 million target.<\/p>\n","protected":false},"excerpt":{"rendered":"

The New York-based company has acquired 1.3 percent of the retail giant’s common stock.<\/p>\n","protected":false},"author":882,"featured_media":1004147992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21749],"tags":[],"class_list":["post-1004152468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"\nMadison International Realty Buys Stake in Hudson\u2019s Bay - 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\/madison-international-realty-buys-stake-in-hudsons-bay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madison International Realty Buys Stake in Hudson\u2019s Bay\" \/>\n<meta property=\"og:description\" content=\"The New York-based company has acquired 1.3 percent of the retail giant's common stock.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/madison-international-realty-buys-stake-in-hudsons-bay\/\" \/>\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=\"2016-09-15T09:17:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T07:55:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Ron-portrait-high-res-sm.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"835\" \/>\n\t<meta property=\"og:image:height\" content=\"753\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\\\/madison-international-realty-buys-stake-in-hudsons-bay\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/madison-international-realty-buys-stake-in-hudsons-bay\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Madison International Realty Buys Stake in Hudson\u2019s Bay\",\"datePublished\":\"2016-09-15T09:17:47+00:00\",\"dateModified\":\"2020-05-14T07:55:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/madison-international-realty-buys-stake-in-hudsons-bay\\\/\"},\"wordCount\":330,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/madison-international-realty-buys-stake-in-hudsons-bay\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/07\\\/Ron-portrait-high-res-sm.jpg\",\"articleSection\":[\"Deals\",\"Featured\",\"Investment\",\"New York\",\"News\",\"Northeast\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/madison-international-realty-buys-stake-in-hudsons-bay\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/madison-international-realty-buys-stake-in-hudsons-bay\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/madison-international-realty-buys-stake-in-hudsons-bay\\\/\",\"name\":\"Madison International Realty Buys Stake in Hudson\u2019s Bay - 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