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HUDSON’S BAY IPO?: As Wednesday’s keynote luncheon speaker at the International Council of Shopping Centers’ Toronto convention, Richard Baker, the chief executive officer of Hudson’s Bay Trading Co., was to talk about his acquisition of the Canadian retailer. But he did more than that: He surprised the audience by revealing Hudson’s Bay is eyeing a return to the capital markets in early 2011. Baker said the company would be listed on the Toronto Stock Exchange.
Asked about his role in any public company, Baker said he would continue to have significant ownership of Hudson’s Bay. Whether Lord & Taylor would be part of any IPO hasn’t been decided, he said. NRDC Equity Partners, which owns Lord & Taylor, purchased Hudson’s Bay for an undisclosed amount in 2008, and the group was renamed.
The IPO isn’t related to Baker’s real estate investment trust plan, announced this month, which would convert NRDC Acquisition Corp. into a public REIT, called Retail Opportunity Investments Corp.