TORONTO — Hudson’s Bay Company is taking advantage of locked-in low interest rates to mortgage the ground floor of its Saks Fifth Avenue flagship in Manhattan, CTV News reports. The US$1.25 billion mortgage will entail some $76 million in one-time expenses, but should then save the company some $5 million yearly in cash interest expenses. CEO Richard Baker told analysts that the move gives the company flexibility and control over the property, not ruling out a future REIT.
HBC takes out 20 year mortgage on Saks store
Most Recent
Most Read
Wayfair to open first bricks-and-mortar store
Tue, May 07th, 2024
AD reports first quarter results
Tue, May 07th, 2024
Tractor Supply makes Q1 gains in comp sales
Tue, May 07th, 2024
Ace milestone, Home Depot’s pro customers in this month’s Dealer News
Tue, May 07th, 2024
Taiga Building Products posts Q1 results
Mon, May 06th, 2024
Ace Hardware in U.S. debuts line of barbecue sauces
Mon, May 06th, 2024
Consumer boycott of Loblaw Companies begins
Fri, May 03rd, 2024
Pont-Masson ad evokes a classic movie
Fri, May 03rd, 2024
Featured Classified: Taiga
Fri, May 03rd, 2024
Canfor announces earnings, acquisition
Thu, May 02nd, 2024