The real estate investment arm of one of the country’s largest pension funds is worried about the value of its assets if a B.C. billionaire is able to buy 25 Hudson’s Bay leases at its properties.
In court documents filed over the weekend, Oxford Properties Group argues Ruby Liu would diminish the value and stability of its real estate portfolio and by extension, adversely affect the long-term interests of millions of OMERS pension plan beneficiaries.
Liu is looking to take over about two dozen Bay leases and use the spaces to build a new department store she will name after herself and fill with entertainment, dining and recreation spaces….