Riocan hit with $209-million writedown on HBC joint venture, lowers profit target for the year

Riocan hit with $209-million writedown on HBC joint venture, lowers profit target for the year

On Tuesday, the REIT said it is taking an impairment charge that will lower the value of its investment in the joint venture to $41-million from $249-million.

The RioCan real estate investment trust recorded a quarterly loss and reduced its profit forecast due to the impact of its joint venture with the retailer in difficulty The Hudson Bay.

RioCan takes quarterly loss amid Hudson's Bay financial woes

Real estate firm, which also owns Georgian Mall in Barrie, says it had net loss of 28 cents per unit in the quarter ending March 31

RioCan Recognizes $209M Investment Loss From Joint Venture With Hudson's Bay

A bit over a decade since the Hudson's Bay Company (HBC) and Toronto-based RioCan REIT (TSX: REI.UN) formed their joint venture entity, the historic retailer is liquidating and the large REIT is taking a $208.8 million loss on its investment, according to Q1 2025 results published by RioCan last night. As previously outlined by STOREYS, RioCan and Hudson's Bay announced their joint venture in February 2015, with HBC contributing 10 properties it…

RioCan Responds to Hudson’s Bay CCAA Filing

RioCan REIT provides an official update following Hudson’s Bay Company’s CCAA filing, outlining joint venture exposure, secured credit support, and redevelopment potential across key Canadian retail sites. The post RioCan Responds to Hudson’s Bay CCAA Filing appeared first on Retail Insider.