In a deal that will allow luxury department store chain Saks Fifth Avenue to enter the Canadian market almost at the same time as rival Nordstrom, Saks’ new owner Hudson’s Bay Co. has just completed a sale/leaseback of its existing store and office tower on Queen Street in downtown Toronto to mall owner Cadillac Fairview Corp. for approximately $585 million. As part of the transaction, Hudson’s Bay will be able to lease back the space for 25 years, with extension options ...

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