Commercial real estate landlords brace for big vacant spaces if iconic retailer liquidates
Cadillac Fairview loaned Hudson's Bay $200 million in 2023 to support the struggling retailer as an anchor tenant, later reduced to $176 million. The loan agreement included amendments impacting HBC's tenant rights, potentially benefiting Cadillac Fairview if HBC defaults. HBC's possible liquidation under CCAA proceedings could significantly impact Cadillac Fairview, requiring redevelopment of vacated spaces, while RioCan is also affected.