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RioCan Successfully Transitions the RioCan-HBC Joint Venture into a Receivership Process to Preserve and Maximize the Value of its Assets
RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: R...
About this update from Riocan Real Estate Investment Trust
[{"type":"text","content":"RioCan Successfully Transitions the RioCan-HBC Joint Venture into a Receivership Process to Preserve and Maximize the Value of its Assets\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }\n \n\n\n\n RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) announced today that a receivership process has been established to protect the interests of RioCan and the other stakeholders in the\n \n\n RioCan-HBC Joint Venture (the “JV”). The receivership proceeding will create a structured process within which RioCan can work with a receiver and other stakeholders to advance and execute solutions for the JV’s properties to benefit the JV and its stakeholders. This includes activities such as dispositions, re-leasing and advancing potential redevelopment opportunities of individual properties. RioCan’s exposure to Hudson’s Bay Company (“HBC”), whether as a limited partner, secured lender or guarantor of certain JV obligations remains unchanged as a result of the receivership proceeding. For further information on the JV, please refer to RioCan’s press release dated March 18, 2025,\n \n\n RioCan Real Estate Investment Trust Provides Update on Hudson’s Bay Company’s CCAA Filing\n \n\n\n .\n \n\n\n The Ontario Superior Court of Justice (Commercial List) has granted RioCan’s application to appoint FTI Consulting Canada Inc. (“FTI” or the “Receiver”) as the receiver over all of the assets and properties of the JV. The JV’s receivership proceeding will be a single proceeding that focuses solely on the JV’s assets, and advanced in parallel with the HBC\n \n Companies’ Creditors Arrangement Act\n \n (“CCAA”) proceeding.\n \n\n FTI, as the Receiver, will immediately take steps and actions with respect to the JV and its assets in order to preserve and maximize value for the benefit of RioCan and other JV stakeholders. FTI has extensive experience in restructurings and court-appointed receivership proceedings. FTI will oversee the affairs of the JV specifically, managing the process independently of the HBC CCAA proceeding. Pursuant to the court order appointing the Receiver, the JV’s leasehold and 1...