WeWork buys oldest luxury store in US

WeWork buys oldest luxury store in US

WeWork buys oldest luxury store in US

Hudson's Bay Co. said Tuesday it will sell subsidiary Lord & Taylor's flagship location in NY to WeWork Cos.in a deal worth $850 million, as the retail giant also announced a $500 million investment from private equity firm Rhône Capital LLC.

Lord & Taylor will remain in the entire building until after the 2018 holiday season under the terms of the deal, Nasdaq reported.

Rhone Capital will also make an $632 million investment in HBC. (TSX:HBC) is selling its Lord & Taylor Fifth Avenue building in NY to a joint venture between WeWork and Rhone Capital in a deal valued at $1.075 billion.

RhoneCapital will buy $500 million worth of convertible shares in Hudson's Bay, and Rhone is teaming up with WeWork Cos.to buy the Lord & Taylor building on Fifth Avenue for $850 million.

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He added that WeWork, which provides shared workspace for entrepreneurs and startups, is paying a 30 percent premium to the Lord & Taylor building's last appraised value. The company now anticipates minimal impact on the earnings from these locations.

(Baker is serving as interim chief executive while the company searches for a new CEO in the wake of Jerry Storch's planned departure.) "Immediately upon closing, these transactions are expected to significantly strengthen HBC's balance sheet, enhance our liquidity, and advance our core strategies by monetizing the Lord & Taylor Fifth Avenue building and increasing the productivity of key locations, which taken together, is expected to enable us to drive ongoing value creation". The deal will see the space transformed after the 2018 holiday season to become WeWork's NY headquarters. The retail space will be reduced from 650,000 sq. ft.to 150,000 sq. ft. and will be confined to the bottom floors.

"We believe the partnership with WeWork to redefine retailing and reactivate less productive space throughout the company's global real estate portfolio will put us in a leadership position and add significant value to HBC shareholders", M. Steven Langman, managing director of Rhône, said. "The trend of urbanization is something we must all recognize and understand", he said.

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