The Canadian department store chain Hudson's Bay Company (HBC) has bought off the lease for the Utrecht branch for 2.9 million euros, AD reports Thursday. The retail chain leaves the Netherlands on 31 December, but is still subject to several long-term leases.

At the start of December, HBC announced at the presentation of the quarterly figures that the company had made a settlement with a Dutch retail property lender in order to buy off a lease. No details were announced yet.

Hudson's Bay informed AD on Thursday that it concerned the now closed location in Utrecht. The department store chain has transferred 2.9 million euros to IEF Capital, the lessor of the retail property.

The amount equals one year's rent, while according to the newspaper the contract still had a duration of twelve years. With this, the Hudson's Bay deal would yield a book profit, the difference between the value of the contract and the lump sum payment, of more than 32 million euros.

It is not known whether the settlement means that Hudson's Bay is also trying to buy out other leases. The group was not available for comment on Thursday.