At least $1 Billion difference today's news and JV 2018 ?The November 2018 joint venture news had HBC with a multiple Billion dollar portion of the joint venture.
With today's sale of the German operations to Signa for $ 1.5 Billion CAN, where is the remaining value of the joint venture?
Is the remaining real estate in the Netherlands worth Billions?
If not, where did the Billions go?
https://stockhouse.com/news/press-releases/2019/06/10/hbc-agrees-to-sell-remaining-european-real-estate-and-divest-related-retail
HBC (TSX: HBC) has entered into definitive agreements to sell the company’s remaining stake in its German real estate joint venture, and divest its related retail joint venture to its partner, SIGNA, along with assumption of certain obligations for a total consideration of $1.5 billion (€1 billion).
https://stockhouse.com/news/press-releases/2018/11/30/hbc-completes-transaction-to-merge-hbc-europe-with-signas-karstadt
In connection with today's closing, which will be effective at midnight Central European time, HBC has received proceeds of €171 million (exclusive of transaction fees and related expenses), which will be used to permanently repay a portion of HBC’s term loan. Further, HBC expects to receive additional proceeds of €250 million following the sale of a 50% interest in 18 additional properties in Germany expected to close in January. The transactions value HBC’s German real estate assets at a total of €3.25 billion (C$4.88 billion) compared to the Company’s total Galeria Kaufhof purchase price of €2.51 billion (C$3.77 billion) in 2015.