RioCan-HBC Limited Partnership et al. has been in court-appointed receivership in Ontario since June 3, 2025 under BIA s. 243 and provincial Judicature Act authority, and the estate is now working through the disposition of its remaining real property. Four properties have been sold: Devonshire on June 5, 2026 for net proceeds of $4,307,000; Ottawa on June 15, 2026 for $21,092,000; and Vancouver on June 24, 2026 for net proceeds of $4,307,000. The Calgary sale was expected to close on or before July 27, 2026, with estimated net proceeds filed in a sealed confidential appendix. The Montreal property, mortgaged to Royal Bank of Canada, remains subject to a marketing process. As of July 17, 2026 the Receiver reported shortfalls of 48% to 93% across the secured lenders, whose obligations currently due include $212,169,000 on Vancouver, $113,089,000 on Calgary, $59,547,000 on Devonshire and $45,954,000 on Ottawa.
The officer filed report no. Second Interim Report. The Receiver is managing and marketing the JV Properties for sale: the Oakville and Georgian co-ownership interests closed, the Yorkdale lease was rejected, the Ottawa, Vancouver, Devonshire and Calgary sales have been court-approved and are expected to close mid-2026, and the Montreal marketing process is ongoing. Unsecured creditor recoveries are considered unlikely.
The officer filed report no. Seventh Report. The Receiver has sold or is finalizing sales of the JV Entities' remaining real properties (Ottawa, Devonshire, Vancouver completed; Calgary pending), leaving a remaining Montreal property under marketing and collection of JV Rent Charge amounts as the main ongoing tasks before winding down the receivership.
The officer filed report no. Second Supplement to the Sixth Report. The Receiver reports on notice efforts to holders of 93 registered encumbrances (mostly expired, decades-old leases) on the Devonshire Real Property in Windsor, which the sale order would discharge. Addresses were found for under half of the registrants, and only one responded, disclaiming any interest. The Receiver concludes the leases have expired or been abandoned.
The court granted an approval and vesting order for the sale to Astra Real Estate Corp. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Certificate to the Purchaser.
The court granted an approval and vesting order for the sale to Circle Retail Properties LP. Closing terms, as extracted: vesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditions.
The court granted an approval and vesting order for the sale to RPMG Holdings Ltd. Closing terms, as extracted: vesting to occur upon delivery of a Receiver's Certificate; net proceeds stand in place of Purchased Assets.
The court granted an approval and vesting order. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Certificate to the Purchaser. Sealed: Confidential appendices D, E, J, K, L and M to the Sixth Report.
The court granted an approval and vesting order. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate. Sealed: Confidential appendices D, E, J, K, L and M to the Sixth Report.
The court appointed FTI Consulting Canada Inc. as receiver and manager, on the application of RioCan Real Estate Investment Trust, RioCan Holdings Inc., RioCan Holdings (Oakville Place) Inc., RioCan Property Services Trust and RC Holdings II LP, RC NA GP 2 Trust and RioCan Financial Services Limited. Court file CV-25-00744295-00CL.
The RioCan–Hudson's Bay joint-venture entities have been renamed as bare Ontario numbers. Three of their four malls have sold, and FTI's seventh report puts the secured lenders' shortfalls at between 48% and 93% before a dollar of the $129.1 million on hand is paid out.
A receiver asked the court to approve a sublease of the former Hudson's Bay space at Yorkdale. The landlord opposed and won, then sought $707,229 in costs — and asked that the receiver pay them personally. Kimmel J. refused personal liability, charged the estate instead, and explained why the party actually bearing the loss is the secured creditor that designed the transaction.
Parties
Debtor
RioCan-HBC Limited Partnership et al.
Applicant
RioCan
Receiver
FTI
Bench and counselPer the orders and service lists on the record
HSBC Bank Canada (as syndicate agent; syndicate includes Canadian Western Bank, United Overseas Bank, Industrial & Commercial Bank of China (Canada)) · in 55 casesas of Bewley Affidavit sworn March 7, 2025 — First mortgage on Vancouver freehold property — Vancouver HSBC First Mortgage Financing; credit agreement dated May 24, 2022; matures April 30, 2025 — debtor: RioCan-Hudson's Bay JV
$202M
Application Record
Secured
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12 more claims in 1 class The stack holds Secured claims.
RioCan Acquisitions Inc.all of RC-HBC's right, title and interest in and to the Oakville Purchased Interest · real property · nominee/assignee: such other affiliate of the Purchaser as the Purchaser may designate as its assignee · agreement 8 Aug 2025
RioCan Acquisitions Inc.all of RC-HBC's right, title and interest in and to the Georgian Purchased Interest · real property · nominee/assignee: such other affiliate of the Purchaser as the Purchaser may designate as its assignee · agreement 8 Aug 2025
Astra Real Estate Corp.RC-HBC's and HBC's respective rights, title and interests in and to the assets described in the Agreements (collectively, the 'Purchased Assets') · real property · agreement 18 Feb 2026
Circle Retail Properties LPRC-HBC's and HBC's and Snospmis' respective rights, title and interests in and to the assets described in the Devonshire Agreements (collectively, the ' Purchased Assets ') · real property · agreement 13 Apr 2026
RPMG Holdings Ltd.the assets described in the Vancouver Agreements (collectively, the 'Purchased Assets') · real property · nominee/assignee: 1588088 B.C. Ltd. · agreement 23 Apr 2026
purchaser(s) of Oakville and Georgian Co-Ownership Interests under RioCan Term Sheets, unnamedthe RioCan Term Sheets ... Co-Ownership Interests · real property
purchasers under executed asset purchase agreements for Calgary, Vancouver, Ottawa and Devonshire, unnamedCalgary, Vancouver, Ottawa and Devonshire properties · asset sale
Closing termsvesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditionsDevonshire APS
Sealed materialsConfidential Appendices 'E', 'F' and 'G' to the Third Report; Confidential appendices D, E, J, K, L and M to the Sixth ReportTransaction Approval Order (Oakville/Georgian)
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
First Interim Report of the Receiver - Section 246(2) of the BIA
Purchaserpurchaser(s) of Oakville and Georgian Co-Ownership Interests under RioCan Term Sheets, unnamed · the RioCan Term Sheets ... Co-Ownership Interests · real property · approved; purchaser(s) of Laval and St. Bruno Leasehold Interests, unnamed · transactions regarding Laval and St. Bruno · real property · approved; no transaction entered for Scarborough and Square One; nil recovery · Square One and Scarborough · real property · not completed
Recovery outcomeEntries: per actual; per unstated; per estimated · Stated on: 2026-07-09 · Table missing:
Sale advisorRBC Capital Markets (sale agent); CBRE Limited (listing broker)
Operational summaryThe Receiver reports on notice efforts to holders of 93 registered encumbrances (mostly expired, decades-old leases) on the Devonshire Real Property in Windsor, which the sale order would discharge. Addresses were found for under half of the registrants, and only one responded, disclaiming any interest. The Receiver concludes the leases have expired or been abandoned.
Cash on hand · Disbursements · Financial positionSubscribers
Closing termsCash Consideration shall be held in escrow or transferred to RioCan Property Services Trust in partial satisfaction of the RioCan Cross Charge
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “RioCan-HBC Limited Partnership et al.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/riocan-hbc-limited-partnership-et-al
Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/riocan-hbc-limited-partnership-et-al
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.