Hudson's Bay Company looking to sell flagship Vancouver property

Hudson's Bay is lookingto sell its flagship store in downtown Vancouver.

A joint venture between Hudson's Bay Co. and RioCan Real Estate Investment Trust says it may sell its downtown Vancouver property.

A statement said that it's engaged with CBRE and Brookfield Financial Real Estate Group to explore a sale.

The Granville Street property is currently occupied by a Hudson'sBay department store, which has a long-term lease.

Interim CEO Richard Baker says any sale would include the continued operation of the store.

The joint venture also says it expects to close on a $200-million mortgage on the property and the proceeds will be distributed proportionally to its partners.

The joint venture owns or controls 10 flagship properties in Canada.