HBC took out a very large mortgage on its Saks Fifth Avenue Manhattan flagship
—The value, in American dollars, of the 20-year mortgage taken out by Hudson’s Bay Company on its Saks Fifth Avenue flagship in Manhattan. Appraised at USD $3.7 billion, the New York retail property is worth considerably more than the USD $2.4 billion HBC paid to acquire Saks last year. “We believe the Saks Fifth Avenue building is the most valuable retail building in the world,” said the Bay’s CEO Richard Baker, who spoke to the Globe. Baker also disclosed the value of HBC’s total real estate portfolio, which is a whopping USD $7.2 billion.