Hudson’s Bay Co. has been thinking about forming a public REIT for two years, but now that U.S. interest rates are rising the retailer is moving ahead as quickly as possible.

Hudson’s Bay chairman Richard Baker said the company should have launched a REIT initial public offering six or eight months ago, but at the time he first wanted to fatten up the portfolio.

The company plans to spin both its U.S. and Canadian real estate portfolios off into REITsas soon as possible, Bloomberg reports, and the announcement pleased investors, sending Hudson’s Bay stock soaring 8.3% on April 5 to mark its largest intraday gain since 2015.

The Canadian retailer’s real estate is worth some $4.8B, and the company has been targeting other retailers with takeover offers that often focus on finding ways to monetize their real estate. Hudson’s Bay bought Saks Fifth Avenue in 2013 and recently approached both Macy’s and Neiman Marcus with possible takeover deals.