Hudson’s Bay Co. (HBC) has reached a deal to sell its downtown Vancouver property.

According to the Globe and Mail, a joint-venture company controlled by HBC and RioCan Real Estate Investment Trust has signed a “conditional agreement” valued at $675 million.

The Globe’s report cites an anonymous source and only describes the purchaser of the property as an “Asian buyer” who “owns a closely held real estate company”.

HBC’s downtown Vancouver location is considered a flagship store for the company’s western Canada operations. It’s located at 637 Granville Street, where its building occupies an entire block, from Granville to Seymour streets along West Georgia Street.

The Straight reported that HBC was considering selling the property last October.

“We are exploring a sale of this flagship property as the Vancouver real estate market has appreciated significantly over the past several years," HBC executive chairman and interim CEO Richard Baker said then. "While no decision to sell has been made, we continue to explore opportunistic transactions to enhance shareholder value.”

In an October 30, 2017, media release, Baker maintained that HBC would continue to sell clothes and other goods at the department store in downtown Vancouver.

“We are committed to operating our Hudson’s Bay store at this location," he said, "and any possible sale would include the continued operation of Hudson's Bay at this property."

In recent years, HBC has struggled with a slump in storefront retail that has affected all of North America.

In mid-October 2017, the company announced that it had sold a Lord & Taylor Fifth Avenue building it owned in New York City for $1.07 billion.