- Land & Buildings confirms that it holds a 4.3% stake in Hudson's Bay (OTC:HBAYF).
- The activist investor says Hudson's needs to look at monetization options with its real estate and should consider insider go-private offers.
- Some number crunching from L&B on the real estate held by Hudson's Bay leads to a valuation of C$35 per share. Hudson's Bay closed at C$8.88 last Friday.
- L&B's logic: "Consider that the Saks Fifth Avenue store between 49th Street and 50th Street, across from Rockefeller Center, was recently appraised at C$16 per share net of debt, and is likely one of the most valuable locations not only in Manhattan, but in the United States. Is the best use of this location truly a department store? What about a hotel? Or office? Or boutique retail stores the likes of Apple (NASDAQ:AAPL) and Gucci? Or an internet retailer looking to go upscale through a bricks and mortar presence as Amazon (NASDAQ:AMZN) appears to be doing with its purchase of Whole Foods?"
- Now read: My Interview With Fairholme's Bruce Berkowitz
Original article