RioCan REIT asks court to put joint venture with Hudson's Bay into receivership: docs
People cycle past the Hudson's Bay department store in downtown Montreal on Monday, March 17, 2025. THE CANADIAN PRESS/Christinne Muschi
TORONTO — RioCan Real Estate Investment Trust is pushing to put a joint venture it owned with Hudson's Bay into receivership.
A court filing from the real estate firm asks the Ontario Superior Court to appoint FTI Consulting Canada Inc. receiver of the companies that span the venture.
The filing says RioCan is pursuing a receivership because it thinks that is the best way to protect the venture's stakeholders and maximize value.
Receivers are empowered by courts to take control of a company's assets, oversee their liquidation and repay creditors.
The Hudson's Bay-RioCan venture was formed in 2015 and is made up of 12 properties the department store chain leases from the partnership.
Alvarez & Marsal, a monitor appointed by the court to guide the Bay through creditor protection, says in its own filing that a process to find buyers for Bay leases did not nab any bids for the joint venture or its properties.
This report by The Canadian Press was first published May 30, 2025.
Tara Deschamps, The Canadian Press
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