Billionaire B.C. Mall Owner Snaps Up 28 HBC Leases

Hudson’s Bay Company’s (HBC) dramatic restructuring is entering a new phase as Canada’s oldest company has agreed to assign more than two dozen of its store leases to a company controlled by billionaire Weihong (Ruby) Liu.

This is the first major storefront acquisition amid the embattled retailer’s liquidation situation. Hudson’s Bay stores in three malls are part of the transaction as well as 25 other Bay locations in British Columbia, Alberta and Ontario. The former Bay stores will be used to launch a new modern department store concept designed to appeal to a broad, multicultural Canadian audience.

Once a little-known investor, Liu currently owns three department stores in B.C. She is chair of Ruby Liu Commercial Investment Corp.’s Central Walk, a Nanaimo-based real estate investment firm that focuses on acquiring, developing and operating commercial real estate properties in Canada.

The agreement is the result of the previously announced lease monetization process approved by the Ontario Superior Court of Justice, whereby HBC sought sale proposals from qualified bidders in respect of its leases.

HBC remains in discussions with other qualified bidders for its outstanding lease locations.