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
Hardlines Conference goes west in 2023
Thu, June 30th, 2022
Spectrum Brands sales team sees transitions
Thu, June 30th, 2022
Napoleon CFO promoted to president
Thu, June 30th, 2022
Quebec hardware stores spared inventory glut
Thu, June 30th, 2022
TIMBER MART welcomes B.C. member
Wed, June 29th, 2022
Experts forecast summer drop in lumber prices
Wed, June 29th, 2022
Inflation, housing prices squeeze renovations
Tue, June 28th, 2022
spoga+gafa attendance rebounds
Tue, June 28th, 2022
Featured Classified: Kidde Canada
Tue, June 28th, 2022
Intertape Polymer cleared to go private
Mon, June 27th, 2022