A numbered company associated with Claridge Homes Chief Financial Officer Neil Malhotra has acquired the former Hudson's Bay store in downtown Ottawa, according to recent court documents filed in the Ontario Superior Court of Justice.
Malhotra, acting as CFO of 2808771 Ontario Limited, signed an agreement to purchase the five-story Rideau Street property on March 19. The purchase price has been redacted from the court documents.
Property details and history
The 335,000 square foot property, spanning 73, 85 and 87 Rideau St., had been on the market since late 2025, a few months after Hudson's Bay Company filed for creditor protection. The store has been vacant since June 2025, when HBC ceased all operations.
Little information about the limited company is available online. It was incorporated in January 2021 and lists an office location in Ottawa. Malhotra declined to comment on the agreement.
Heritage designation and redevelopment
The Rideau Street location was originally the Freiman department store until the 1970s, when it was taken over by HBC. In 2024, HBC opposed a plan to designate the facades of some Rideau Street buildings as heritage, arguing it would make the building less marketable. Despite this, the property received heritage designation, protecting its exterior attributes.
HBC filed for creditor protection on March 7, 2025. Later that year, the court-appointed receiver, FTI Consulting Canada, hired real estate company CBRE to manage the marketing and listing of the property. CBRE had 16 parties sign confidentiality agreements related to the Ottawa property, and two parties toured the location.
Other HBC locations
CBRE also managed marketing for former Hudson's Bay locations in Windsor, Calgary, and Vancouver. Currently, the receiver is only seeking court approval for the purchase of the Ottawa location. A hearing is scheduled for Monday. While the other locations also have signed purchase agreements, the documents state that the receiver will seek court approval for them in the near future.
