Hudson's Bay lease sale may negatively impact pension fund: OMERS' real estate arm
In court documents filed over the weekend, Oxford Properties Group argues Ruby Liu would diminish the value and stability of its real estate portfolio and by extension, adversely affect the long-term interests of millions of OMERS pension plan beneficiaries.
Liu is looking to take over about two dozen Bay leases and use the spaces to build a new department store she will name after herself and fill with entertainment, dining and recreation spaces.
Landlords, including Oxford, are fighting Liu, saying her plans are underfunded, have unrealistic timelines and are bound to fail. Liu is confident she can win the property owners over if a court allows her purchase of the leases to go through.
The leases include three Oxford properties — Southcentre Mall in Calgary, Hillcrest Shopping Centre in Richmond Hill, Ont., and Upper Canada Mall in Newmarket, Ont.
Oxford is the real estate division of Ontario Municipal Employees Retirement System, which administers the pensions of more than 600,000 plan members. Oxford has more than $79 million in assets under management and hundreds of properties on four continents.
This report by The Canadian Press was first published Aug. 11, 2025.
Tara Deschamps, The Canadian Press
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WATCH | Liu wants to get young people back into malls: Ruby Liu wants to get young people back in malls, at former Hudson's Bay stores 1 month ago Billionaire Ruby Liu has officially taken over three leases of former Hudson's Bay store properties and is promising to shake up the Canadian retail space. But as Michelle Ghoussoub reports, not everyone is buying what she says she'll be able to sell. She provided the court with letters from 11 companies saying they are willing to work with her. The most prominent senders were hair tools maker Conair, women's apparel retailer Northern Reflections and Indeka Group, which imports Calvin Klein, Tommy Hilfiger and Dockers clothing. "Many of the above potential suppliers have indicated that they have inventory in warehouses in Ontario and/or Quebec, some of which was previously ordered but not claimed by the Bay, and will be able to fill orders within weeks if needed," Liu said. 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