Aug. 11, 2025 "Hudson’s Bay lease sale may negatively impact pension fund: OMERS’ real estate arm": Today I found this article by Tara Deschamps on BNN Bloomberg:
TORONTO — The real estate investment arm of one of the country’s largest pension funds is worried about the value of its assets if a B.C. billionaire is able to buy 25 Hudson’s Bay leases at its properties.
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
Aug. 12, 2025 "Hudson’s Bay changes name after selling IP to Canadian Tire": Today I found this article by Tara Deschamps on BNN Bloomberg:
TORONTO — The business running the defunct department store once known as Hudson’s Bay has changed its name.
The company and its subsidiaries now have various names beginning with Rupert Legacy.
The name is a reference to Prince Rupert, the Bay’s first governor,
and Rupert’s Land, a vast swath of wilderness Hudson’s Bay was given control over in 1670, when it began as a fur trading business.
Hudson’s Bay had to make the change as a condition of an agreement it signed to sell Canadian Tire Corp. Ltd. its name and trademarks.
The $30-million deal included the Bay’s iconic stripes motif, its coat of arms, its Distinctly Home housewares brand, its Hudson North apparel line, as well as catchphrases like “Bay Days” and the Zellers slogan “the lowest price is the law.”
The department store, which has liquidated and closed all of its stores, is still under creditor protection and is in the process of selling its leases and preparing to auction off its art and artifacts.
This report by The Canadian Press was first published Aug. 12, 2025.
Tara Deschamps, The Canadian Press
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