Saks parent HBC raises USD 340M through ‘real estate monetizations’
What: HBC, the parent company of Saks Fifth Avenue and Hudson's Bay, has generated USD 340 million in cash from the sale of real estate properties.
Why it is important: The CEO, Richard Baker, emphasized that HBC is primarily a real estate company, owning USD 7 billion worth of real estate assets. The company regularly monetizes its real estate assets to support and grow its retail businesses.
The recent cash infusion came from the sale of undisclosed properties in Canada and the U.S. HBC sells USD 300 million to USD 500 million in real estate assets annually, strengthening its balance sheet but not factoring into earnings.
Saks parent HBC raises USD 340M through ‘real estate monetizations’
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