Hudson’s Bay Co. (HBC), the owner of the Lord & Taylor and Saks Fifth Avenue department store chains in the U.S. and Hudson's Bay department stores and housewares chain Home Outfitters in Canada, has agreed to contribute and lease-back its extensive retail property portfolio to two new joint ventures formed with Simon Property Group Inc. and RioCan Real Estate Investment Trust as part of a larger strategy to unlock value from its real estate holdings.