HBC Unveils HBC Properties and Investments
Launches Development Division to Maximize Value and Productivity of Real Estate Assets
TORONTO & NEW YORK - October 19, 2020 - HBC has unveiled HBC Properties and Investments (“HBCPI”), a dedicated real estate and investments business to manage, maximize and enhance the company’s robust portfolio of assets. HBC owns or controls, either entirely or with joint venture partners, 40 million square feet of gross leasable area across North America.
HBCPI also features Streetworks Development, a large-scale propertydevelopmentdivision that creates transformative multi-use environments.The launch of HBCPI is the latest milestone in HBC’s shift to a holding company structure with distinct portfolio businesses that operate at the intersection of retail and real estate.
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. Mr. Putnam previously served as President, Real Estate and Chief Corporate Development Officer of HBC. Under his leadership, HBCPI manages and enhances HBC’s robust real estate portfolio and investments, including Streetworks Development, which is focused on creating transformative mixed-use developments.
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 properties to unlock value-enhancing opportunities 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. With an innovative approach to the entitlement and development process, this team has a strong track record of reinvigorating urban districts, driving the growth of neighborhoods and helping to build communities of the future.
Ian Putnam, President and CEO, HBC Properties and Investments, added, “With HBC’s valuable portfolio of real estate and investments, including marquee flagship properties in prime metropolitan markets, coupled with Streetworks Development expertise, HBCPI is well-positioned to succeed in today’s landscape. As consumers continue to change the way they live, shop and work, we are committed to capitalizing on these shifts while maximizing the productivity of our properties, including the physical locations of HBC’s retail operating companies. I look forward to building upon our significant accomplishments and propelling HBCPI into the future.”
About HBC
HBC is a holding company of portfolio businesses that operate at the intersection of retail and real estate. A long-term investor in iconic companies, HBC’s valuable assets span top markets and prime locations across North America.
Among HBC’s portfolio companies are three distinguished retailers: Saks Fifth Avenue, a premier luxury retailer, Hudson’s Bay, Canada’s preeminent multi-category retailer, and Saks OFF 5TH, a leading off-price retailer.
HBC owns or controls,either entirely or with joint venture partners, approximately 40 million square feet of gross leasable area. HBC Properties and Investments, the company’s real estate and investments portfolio business, manages these assets along with additional real estate offerings, including Streetworks Development, a large-scale property development firm that creates transformative multi-use environments.
Founded in 1670, HBC is North America’s longest continually operating company and is headquartered in Toronto and New York. For more information visit: www.hbc.com.
Media Contact:
Nicole Schoenberg