HBC and joint venture partner RioCan REIT have signed a conditional agreement to sell HBC's downtown Vancouver store for C$675m, to an Asian buyer. The partners announced they were considering the sale last October. The buyer, who remains anonymous, is negotiating interim financing. HBC will leaseback space in the property and continue to operate the store. The deal is part of HBC's efforts to extract vale from its real estate holdings as it fights a retail slump and faces pressure from investors to lift share price. The Lord & Taylor flagship on New York's Fifth Avenue was sold to WeWork last year for $850m.