Hudson’s Bay Company has unveiled HBC Properties and Investments, a dedicated real estate and investments business to manage, maximize and enhance the company’s portfolio of assets.
The division also features Streetworks Development, a large-scale property development division that creates transformative multi-use environments.
Richard Baker, HBC’s executive chairman and CEO, said, “This is an exciting phase of our company’s transformation and provides us with a significant opportunity to unleash the full potential of our real estate and investments business. Under this new organization, we will build upon our strong foundation of valuable real estate assets in key demographic areas. We will also continue our strong track record of maximizing our portfolio and generating value from these assets, as we did through the sales of the Lord + Taylor flagship building and our interest in European real estate assets. With the team’s deep expertise and forward-thinking approach to capitalizing on the intersection of retail and real estate, HBCPI is well-equipped to further elevate and increase the value of our portfolio.”
Ian Putnam has been appointed president and CEO of HBC Properties and Investments. He previously served as president, real estate and chief corporate development officer of HBC.
Under the direction of real estate veteran, Kenneth Narva, chairman and chief development officer, the Streetworks Development team will lead the planning and execution of projects that modernize across the company’s real estate assets. This new division focuses on creating multi-use spaces that feature a variety of services and experiences across the workplace, retail, residential and entertainment categories.