Lowe’s to acquire Rona in mega deal

Lowe’s to acquire Rona in mega deal

U.S. home improvement giant Lowe’s Cos. (LOW-N) has a $3.2-billion deal to acquire Quebec-based rival Rona Inc. (RON-T). The move follows an unsuccessful attempt a few years ago by Lowe’s to buy Rona after the takeover received flak from Quebec politicians and opposition from some Rona dealers.

Globe and Mail – Financial Post – CBC News – CTV News

Walmart expands grocery pickup service in GTA

Walmart Canada (WMT-N) began offering a full grocery shop online today for pick-up at six GTA stores and will add six more stores to the program before the end of February. Prices online will be the same as in-store prices, with a $3 fee for pick-up at participating stores, said Simon Rodrigue, senior vice president, ecommerce, Walmart Canada.

Toronto Star – Financial Post – Hamilton Spectator

Amazon to open up to 400 bookstores?

Amazon.com Inc (AMZN-Q) plans to open up to 400 physical bookstores, an executive of a major U.S. mall operator said Tuesday. Amazon dipped its toe into the waters of brick-and-mortar stores with the opening of a bookstore in its home city of Seattle in November. An expansion of bookstores would be a surprise reversal by the online retailer.

Reuters – Commercial Property Executive

Indigo profit soars 60 per cent

Indigo Books and Music Inc., (IDG-T) Canada’s largest bookstore chain, said fiscal third-quarter profit soared 60 per cent as the company’s shift to general merchandise begins to pay dividends. Net income jumped to $52.8 million, or $2.02 a share, compared with $33 million, or $1.27, for the same period a year earlier. Revenue for the quarter grew 13 per cent to $383.2 million.

Bloomberg

P.E.I. resort receives loan guarantee to buy golf course

The City of Summerside has approved a $900,000 loan guarantee to the developer of the Prince Alex Resort and Conference Centre that would allow him to incorporate a local golf club into the project. Shizhong Holdings Inc. purchased the former Dynasty Spa property a decade ago and began development on the resort last summer.

CBC News

Squamish residents divided on proposed resort

Brohm Ridge is no stranger to recreational users. But they’re not the only ones drawn to the alluring, wild area. Since the 1960s, developers have tried  to tame the rugged Brohm. Last week, Garibaldi at Squamish Inc. scored an environmental assessment certificate from the B.C. government, clearing the first hurdle for a $3.5-billion resort, about 15 kilometres north of Squamish.

Vancouver Sun – Vancouver Sun – Vancouver Sun

Squamish edges closer to waterfront redevelopment

Plans by Squamish council to develop the waterfront are moving closer with the transfer of 100 acres of district-owned land to a joint venture developer. Mayor Patricia Heintzman said the deal with Newport, a joint venture between Texas-based Matthew Southwest and local company Bethell Lands, will see the oceanfront made over into a residential, recreational and commercial hub.

Vancouver Sun

Businessmen made millions on Regina land

In 2014 the minister of the economy asked a Crown corporation to buy 204 acres of land for two to three times more than government appraisals said it was worth, resulting in a $5-million profit for a Regina company. Minister Bill Boyd defends the decision to have the government-owned Global Transportation Hub buy the land for $103,000 an acre.

CBC News

Ottawa chamber backs RendezVous LeBreton bid

Ottawa Business Journal

YMCA’s departure leaves big hole in Ottawa mall

It is “too early” to tell what Merivale Mall will do with the space that will be vacated by the YMCA, mall manager Cindy Lavigne said Tuesday. “Check back in a month or so,” she wrote in an e-mail. The Y announced it would not renew its lease at the Ottawa mall. Its last day of operations will be March 25.

Ottawa Business Journal

Dollarama invests in new Montreal warehouse

Dollarama Inc. (DOL-T) announced its Board of Directors has approved an investment of approximately $60 million in the construction of a new warehouse in Montreal. The new 500,000 square-foot warehouse will be located in the Lachine borough, in close proximity to Dollarama’s existing, centralized warehousing and distribution operations.

Canada Newswire

Yahoo closing five offices, slashing staff

Yahoo Inc. (YHOO-Q) said Tuesday it was exploring strategic alternatives in addition to the continued pursuit of the reverse spin-off of its Internet business. Yahoo also said it would cut about 15 per cent of its workforce and close offices in five locations. Shares of Yahoo, which also reported fourth-quarter results, fell 1.4 per cent in after-hours trading on Tuesday.

Reuters – Bloomberg – Bloomberg

Vancouver expects Ottawa to back subway

The race is on for access to the billions in federal infrastructure dollars that have been promised by the Liberal government in Ottawa. And it is almost assuredly going to be won by the country’s major cities, whose building priorities align with the ecofriendly lens through which the administration of Prime Minister Justin Trudeau will judge prospective projects

Globe and Mail

Unspent infrastructure money could speed up projects

The federal government left more than $616 million in infrastructure money on the table at the end of fiscal 2014-15, with the department in question warning it almost never spends everything it can in a given year. About $290 million was destined for projects like waste water treatment facilities, transit, national highways and green energy programs.

CBC News

Caution tempers hotel sales outlook

The lodging investment sales outlook for 2016 is a bit more muted compared to the results that were tallied for 2015, according to JLL’s Hotel Investment Outlook. The firm is projecting U.S. transaction volume of $35 billion this year, compared to $43 billion for the year prior, and $70 billion worldwide, a drop-off globally of 15 to 20 per cent.

Globest.com

Featured Column

Quitting the corporate grind and working from home

Over the past decade, I built a very successful real estate development company, which at one point employed more than 30 people and had two offices in Vancouver. But after 10 years, I started looking for new challenges.

Read more

Market Trends and Research

Modern office design must focus on ‘sense of purpose’

For office space design in 2016, “sense of purpose” is the new catchphrase to attract and retain workers, including the much sought-after Millennials. Leading up to the recession, many companies were already looking to shave off extra square footage from their real estate and the downturn forced further downsizing and space efficiency, resulting in smaller desk areas.

National Real Estate Investor – Commercial Property Executive

10 takeaways from MBA CREF 2016 Convention

As the Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2016 got underway in Orlando Sunday, some overarching themes about the state of the lending industry emerged from the panel discussions and individual meetings. Here are the biggest takeaways from the conference:

National Real Estate Investor

Kahnawake chief says Mohawk land can’t be bought

The Kahnawake Mohawks are running out of land. Any other problem that might plague Kahnawake pales in comparison to this one simple fact: the reserve’s growing population is exhausting what remains of its territory. With nearby South Shore suburbs inching to the reserve’s borders, finding a resolution to the land question seems increasingly difficult.

Montreal Gazette

How sustainable Is Millennial CBD growth?

It’s going to happen at some point, the Millennial generation will eventually want families and settle down, presumably renouncing their live/work/play lifestyles for houses they own with picket fences and mortgages. What then of the central business district revitalization they’re so often credited as driving?

Globest.com

Real Estate Companies

Skyline buys industrial site near O’Hare

The vacancy rate among industrial properties around O’Hare has sunk to historic lows. A trust in the name of Howard Bernstein, the late founder of Atlas Cos., sold the 7.3-acre site to Morton Grove-based Skyline Properties LLC. The price was undisclosed, but Cook County records show a price tag of $4.6 million.

Globest.com

REOC Financial Reports

	REITs & REOCs – Fourth-quarter 2015 report
	RENX has prepared a table with a convenient list of the companies and a summary of links to their reports that will be updated quarterly. Fourth-quarter results are now arriving. Canadian REITs & REOCs – Fourth-quarter 2015 report

 

Real Estate Investment Trusts

Boardwalk, Dream Global offer attractive yields

Many of Canada’s REITs offer very attractive dividend yields, especially compared to cap rates from physical real estate. Boardwalk REIT (BEI.UN-T) is one of the largest owners of apartments in Canada, owning nearly 33,000 units. Investors looking for a little more yield might want to check out office tower owner Dream Global REIT (DRG.UN-T).

The Motley Fool

Green REIT to offload mixed-use portfolio

Irish real estate investment trust Green REIT is selling a $255-million Cdn mixed-use Irish portfolio. The Irish property investment company appointed JLL to sell the Glas Collection portfolio of six properties. Total annual rental income from the 750,000,000-square-foot portfolio is $17.6 million Cdn.

IPE Real Estate – Irish Times

Citigroup buying HQ back from SL Green

Citigroup Inc. (C-N) is exercising an option to buy back its two-building office complex in Manhattan’s Tribeca neighbourhood for $2 billion. Citigroup sold the Greenwich St. property in 2007 to SL Green (SLG-N) and Ivanhoe Cambridge for approximately $1.6 billion US. SL Green bought out Ivanhoe Cambridge’s share for $783 million in May 2014 took full ownership of the building.

CoStar Group – CoStar Group – Bloomberg – CoStar Group

Retail

Rolex latest luxury brand to set up shop in Vancouver

Vancouver’s retail luxury row will be adding another major brand as Rolex is poised to open its first brand-specific retail location in the city at the Shangri-La Hotel. Retail analysts say the addition is part of a trend of luxury brands seeking space in the neighbourhood, which is driving demand for retail space in the area dramatically higher.

Vancouver Sun

Restaurants and Eateries

Sky-high restaurants come with lofty challenges

There is no change room at Oliver & Bonacini’s Canoe restaurant, atop the 54th floor of the Toronto-Dominion Centre in Toronto’s financial district. Such is the price of doing business at Canoe, where space is at an incredible premium. And that’s just half the battle for the two-decade-old Bay Street haunt.

Globe and Mail

New Development

Student centre celebrates indigenous culture

How do you build a 20,000-square-foot building that rests not on a foundation underneath the earth but solidly upon it? Architect Douglas Cardinal designed the Gordon Oakes Red Bear Student Centre at the University of Saskatchewan. The building, which officially opens today, was constructed in consultation with elders from the surrounding community. 

Globe and Mail – Saskatoon StarPhoenix – Saskatoon StarPhoenix

Victoria marina developer mulls change in design

The Victoria International Marina is at a crossroads while the developer decides whether to construct one commercial building or two in the water at Songhees. Uncertainty about the design of the $24-million project follows a roadblock imposed on Thursday by Victoria city hall. Councillors refused to give permission for a B.C. Hydro substation on municipal land.

Victoria Times Colonist

Edmonton needs vision for its view: Opinion

The little triangle of land is one of downtown Edmonton’s worst eyesores. The .2-hectare parcel is home to two boarded-up little buildings, but the city has been negotiating for years to buy the parcel as part of The Quarters redevelopment. The plan was to turn the site into an “urban balcony.”

Edmonton Journal

Morguard plans 11-storey tower in Saanich

The first residential building planned for Uptown will be an 11-storey structure with 134 rental suites and townhomes, according to plans submitted to Saanich. The Morguard Investments Limited (MRC-T) development will also offer 55,000 square feet of retail space at the northwest end of Uptown Boulevard.

Victoria Times Colonist

Sports Venues

Sands owner in talks for Raiders stadium

Under a proposal by the Las Vegas Sands Corp., the Oakland Raiders would relocate to a $1.2-billion, 65,000-seat stadium near the Las Vegas Strip to be co-developed with City of Industry, Calif.-based Majestic Realty Co.  Sands Corp. confirmed chairman Sheldon Adelson met with Raiders owner Mark Davis last week.

CoStar Group

Infrastructure

Major upgrades coming to Manitoba Hydro

The first of two major new Manitoba Hydro power-distribution substations under construction in Winnipeg should be coming into service this summer. The substations are at 555 Madison St. near Polo Park, and on the northwest corner of Notre Dame Avenue and Adelaide Street in the West Exchange District and will cost $87 million and $62 million, respectively.

Winnipeg Free Press

Hydro One’s IPO offered slice of stability

Launching an IPO seems risky in a downturn, but the Ontario government’s decision to list 15 per cent of electrical utility Hydro One (H-T) was embraced by the market as a stock that offered a slice of stability in uncertain times. The Ontario government pledged to let the utility’s newly appointed management operate the company as a commercial enterprise.

Financial Post

Brookfield withdrew offer to buy Invepar stake: OAS

Brazilian construction company OAS SA said Brookfield Asset Management Inc. (BAM.A-T) has withdrawn an offer to buy one of its most valuable assets, potentially upending the company’s turnaround. The sale of OAS’s stake in airport operator Invepar was part of a restructuring plan. Brookfield had offered $480 million Cdn for the 24 per cent Invepar stake.

Globe and Mail

Technology

Could this technology shake up CRE?

RE Console, a Rokk3r Labs company, believes a personalized intelligence feed shake up the commercial real estate industry. RE Console is working to drive a technological shake-up with its new “all-in-one” automated research tool. The tool promises to save investment property owners and commercial real estate industry professionals time and money.

Globest.com

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