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
BMR expands in the Maritimes
Tue, November 05th, 2024
Castle location bought by First Nations consortium
Tue, November 05th, 2024
Jeld-Wen reports its third quarter
Tue, November 05th, 2024
Rockwool announces two promotions
Tue, November 05th, 2024
Ian White named president and CEO of Home Hardware
Mon, November 04th, 2024
RONA, Tilley pair up for workwear line
Mon, November 04th, 2024
True Value reaches agreement with its lenders
Mon, November 04th, 2024
In memoriam: Quincy Jones
Mon, November 04th, 2024
BMR's top merchant shares insights at Hardlines Conference
Fri, November 01st, 2024
Higher wages, losses due to menopause tackled in latest HR newsletter
Fri, November 01st, 2024