Latest news with #RioCan
National Post
2 days ago
- Business
- National Post
RioCan Successfully Transitions the RioCan-HBC Joint Venture into a Receivership Process to Preserve and Maximize the Value of its Assets
Article content TORONTO — RioCan Real Estate Investment Trust ('RioCan' or the 'Trust') (TSX: announced today that a receivership process has been established to protect the interests of RioCan and the other stakeholders in the RioCan-HBC Joint Venture (the 'JV'). The receivership proceeding will create a structured process within which RioCan can work with a receiver and other stakeholders to advance and execute solutions for the JV's properties to benefit the JV and its stakeholders. This includes activities such as dispositions, re-leasing and advancing potential redevelopment opportunities of individual properties. RioCan's exposure to Hudson's Bay Company ('HBC'), whether as a limited partner, secured lender or guarantor of certain JV obligations remains unchanged as a result of the receivership proceeding. For further information on the JV, please refer to RioCan's press release dated March 18, 2025, RioCan Real Estate Investment Trust Provides Update on Hudson's Bay Company's CCAA Filing. The Ontario Superior Court of Justice (Commercial List) has granted RioCan's application to appoint FTI Consulting Canada Inc. ('FTI' or the 'Receiver') as the receiver over all of the assets and properties of the JV. The JV's receivership proceeding will be a single proceeding that focuses solely on the JV's assets, and advanced in parallel with the HBC Companies' Creditors Arrangement Act ('CCAA') proceeding. Article content FTI, as the Receiver, will immediately take steps and actions with respect to the JV and its assets in order to preserve and maximize value for the benefit of RioCan and other JV stakeholders. FTI has extensive experience in restructurings and court-appointed receivership proceedings. FTI will oversee the affairs of the JV specifically, managing the process independently of the HBC CCAA proceeding. Pursuant to the court order appointing the Receiver, the JV's leasehold and 100% owned properties will benefit from a stay of proceedings to allow the Receiver and its stakeholders sufficient time to take such steps as are necessary to effectively deal with the JV's assets. The co-owned properties of the JV will continue to be managed by RioCan in the normal course. Article content About RioCan Article content RioCan is one of Canada's largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, our portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit Article content This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan's objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as 'outlook', 'objective', 'may', 'will', 'would', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'should', 'plan', 'continue', or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan's current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the ' Risks and Uncertainties ' section in RioCan's MD&A for the three months ended March 31, 2025 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. Article content The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan's views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Article content Article content Article content Article content Contacts Article content RioCan Real Estate Investment Trust Article content
Yahoo
2 days ago
- Business
- Yahoo
RioCan Successfully Transitions the RioCan-HBC Joint Venture into a Receivership Process to Preserve and Maximize the Value of its Assets
TORONTO, June 03, 2025--(BUSINESS WIRE)--RioCan Real Estate Investment Trust ("RioCan" or the "Trust") (TSX: announced today that a receivership process has been established to protect the interests of RioCan and the other stakeholders in the RioCan-HBC Joint Venture (the "JV"). The receivership proceeding will create a structured process within which RioCan can work with a receiver and other stakeholders to advance and execute solutions for the JV's properties to benefit the JV and its stakeholders. This includes activities such as dispositions, re-leasing and advancing potential redevelopment opportunities of individual properties. RioCan's exposure to Hudson's Bay Company ("HBC"), whether as a limited partner, secured lender or guarantor of certain JV obligations remains unchanged as a result of the receivership proceeding. For further information on the JV, please refer to RioCan's press release dated March 18, 2025, RioCan Real Estate Investment Trust Provides Update on Hudson's Bay Company's CCAA Filing. The Ontario Superior Court of Justice (Commercial List) has granted RioCan's application to appoint FTI Consulting Canada Inc. ("FTI" or the "Receiver") as the receiver over all of the assets and properties of the JV. The JV's receivership proceeding will be a single proceeding that focuses solely on the JV's assets, and advanced in parallel with the HBC Companies' Creditors Arrangement Act ("CCAA") proceeding. FTI, as the Receiver, will immediately take steps and actions with respect to the JV and its assets in order to preserve and maximize value for the benefit of RioCan and other JV stakeholders. FTI has extensive experience in restructurings and court-appointed receivership proceedings. FTI will oversee the affairs of the JV specifically, managing the process independently of the HBC CCAA proceeding. Pursuant to the court order appointing the Receiver, the JV's leasehold and 100% owned properties will benefit from a stay of proceedings to allow the Receiver and its stakeholders sufficient time to take such steps as are necessary to effectively deal with the JV's assets. The co-owned properties of the JV will continue to be managed by RioCan in the normal course. About RioCan RioCan is one of Canada's largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, our portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit Forward-Looking Information This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan's objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "continue", or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan's current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the "Risks and Uncertainties" section in RioCan's MD&A for the three months ended March 31, 2025 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan's views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. View source version on Contacts RioCan Real Estate Investment TrustInvestor Relations InquiriesEmail: ir@ Media InquiriesEmail: media@
Business Wire
2 days ago
- Business
- Business Wire
RioCan Successfully Transitions the RioCan-HBC Joint Venture into a Receivership Process to Preserve and Maximize the Value of its Assets
TORONTO--(BUSINESS WIRE)--RioCan Real Estate Investment Trust ('RioCan' or the 'Trust') (TSX: announced today that a receivership process has been established to protect the interests of RioCan and the other stakeholders in the RioCan-HBC Joint Venture (the 'JV'). The receivership proceeding will create a structured process within which RioCan can work with a receiver and other stakeholders to advance and execute solutions for the JV's properties to benefit the JV and its stakeholders. This includes activities such as dispositions, re-leasing and advancing potential redevelopment opportunities of individual properties. RioCan's exposure to Hudson's Bay Company ('HBC'), whether as a limited partner, secured lender or guarantor of certain JV obligations remains unchanged as a result of the receivership proceeding. For further information on the JV, please refer to RioCan's press release dated March 18, 2025, RioCan Real Estate Investment Trust Provides Update on Hudson's Bay Company's CCAA Filing. The Ontario Superior Court of Justice (Commercial List) has granted RioCan's application to appoint FTI Consulting Canada Inc. ('FTI' or the 'Receiver') as the receiver over all of the assets and properties of the JV. The JV's receivership proceeding will be a single proceeding that focuses solely on the JV's assets, and advanced in parallel with the HBC Companies' Creditors Arrangement Act ('CCAA') proceeding. FTI, as the Receiver, will immediately take steps and actions with respect to the JV and its assets in order to preserve and maximize value for the benefit of RioCan and other JV stakeholders. FTI has extensive experience in restructurings and court-appointed receivership proceedings. FTI will oversee the affairs of the JV specifically, managing the process independently of the HBC CCAA proceeding. Pursuant to the court order appointing the Receiver, the JV's leasehold and 100% owned properties will benefit from a stay of proceedings to allow the Receiver and its stakeholders sufficient time to take such steps as are necessary to effectively deal with the JV's assets. The co-owned properties of the JV will continue to be managed by RioCan in the normal course. About RioCan RioCan is one of Canada's largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, our portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit Forward-Looking Information This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan's objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as 'outlook', 'objective', 'may', 'will', 'would', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'should', 'plan', 'continue', or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan's current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the ' Risks and Uncertainties ' section in RioCan's MD&A for the three months ended March 31, 2025 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan's views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Globe and Mail
3 days ago
- Business
- Globe and Mail
Hudson's Bay employees who lost jobs can apply for federal support, court rules
The Ontario Superior Court has granted approval for thousands of Hudson's Bay Co. employees who have lost their jobs to seek support under the federal government's Wage Earner Protection Program. The court decision on Tuesday triggers an entitlement to federal benefits for the retailer's former staff. More than 8,300 Bay employees have now been terminated without severance pay. The court hearing occurred just two days after Canada's oldest retailer completed its liquidation sales, closing its doors for the final time over the weekend. 'That's a milestone, albeit an unhappy one,' Ontario Superior Court Justice Peter Osborne said during Tuesday's hearing. While discussing the end of the Bay's liquidation, he remarked, 'The end of an era.' Lawyers appointed to represent the Hudson's Bay employees are now in discussions with Service Canada to develop a timeline for employees to access those federal benefits. 'We know they want it as soon as possible,' Susan Ursel of Ursel Phillips Fellows Hopkinson LLP said at the hearing. Also on Tuesday, the court approved a motion from RioCan Real Estate Investment Trust to place a joint venture it co-owns with Hudson's Bay into receivership. The joint venture gives RioCan a stake in 12 properties where Bay stores were located, including buildings in downtown Montreal, Vancouver, Calgary and Ottawa, and locations in high-profile malls such as Yorkdale and Scarborough Town Centre in Toronto. FTI Consulting Canada Inc. will act as receiver for the companies that fall under the joint venture. A third matter before the court on Tuesday was an application to approve Canadian Tire Corp.'s $30-million deal to acquire Hudson's Bay's intellectual property. That approval is needed to transfer ownership of a trove of the historic retailer's brand names, logos, and stripe design dating back to the point blankets used in the fur trade in the 18th century. Justice Osborne stood down that matter on Tuesday, saying that he wanted to consider some specific matters related to the deal. In particular, he questioned lawyers for Hudson's Bay about the inclusion of the trademark for the company's 1670 Royal Charter. The charter itself is part of a separate auction of the Hudson's Bay art and artifacts collection, which has yet to occur. The process for that auction is still in development. It is important that the deal does not allow Canadian Tire to prevent others from calling the document 'the royal charter,' or advertising it as such, Justice Osborne said during Tuesday's hearing. Ashley Taylor, a lawyer with Stikeman Elliott LLP representing Hudson's Bay, told the court on Tuesday that there was no opposition to the Canadian Tire deal, which was reached after 'a robust' sales process. Reflect Advisors LLC, the financial adviser handling that process, initially sent out materials related to the sale to 407 parties considered potential bidders, and received a total of 17 bids. Hudson's Bay had been seeking a going-concern transaction to keep alive the operations of at least some of the stores. The company pitched a plan to potential buyers or investors, proposing a turnaround of six Bay stores that had initially been left out of liquidation, as well as the e-commerce operations, according to a confidential memorandum prepared by Hudson's Bay in March, a copy of which was obtained by The Globe and Mail. That plan would have required $82-million in investment in the first year, according to the document. No such buyer or investor emerged.
CTV News
7 days ago
- Business
- CTV News
RioCan REIT asks court to put joint venture with Hudson's Bay into receivership: docs
People cycle past the Hudson's Bay department store in downtown Montreal on Monday, March 17, 2025. THE CANADIAN PRESS/Christinne Muschi TORONTO — RioCan Real Estate Investment Trust is pushing to put a joint venture it owned with Hudson's Bay into receivership. A court filing from the real estate firm asks the Ontario Superior Court to appoint FTI Consulting Canada Inc. receiver of the companies that span the venture. The filing says RioCan is pursuing a receivership because it thinks that is the best way to protect the venture's stakeholders and maximize value. Receivers are empowered by courts to take control of a company's assets, oversee their liquidation and repay creditors. The Hudson's Bay-RioCan venture was formed in 2015 and is made up of 12 properties the department store chain leases from the partnership. Alvarez & Marsal, a monitor appointed by the court to guide the Bay through creditor protection, says in its own filing that a process to find buyers for Bay leases did not nab any bids for the joint venture or its properties. This report by The Canadian Press was first published May 30, 2025. Tara Deschamps, The Canadian Press
