City of London will still rule finance

City of London will still rule finance

The naysayers see nothing but gloom from Brexit for the City of London, the historical hub of global financial services. But a look at the City’s history shows its ability to survive and prosper against whatever challenges have come. After all that the City has seen, Brexit likely won’t be enough to shake its pre-eminence.

Financial Post – Financial Post

CRE giants plummet in wake of Brexit

CBRE Group Inc. (CBG-N) and Jones Lang LaSalle Inc. (JLL-N) real estate services firms that do a significant share of their business in the U.K., fell more than 7 percent as investors speculated on a possible fall-off in property sales and leases after Britons voted to leave the European Union.

MPA Magazine – CBRE comment Brexit

RioCan REIT repositioning its Canadian portfolio

RioCan Real Estate Investment Trust’s (REI.UN-T) December sale of 49 properties in Texas and the northeastern United States to The Blackstone Group for $2.7 billion ended last year with a bang, and it’s led to a very active 2016.

Property Biz Canada

WSP weighing options on bid for U.K. firm

A relatively minor proposed takeover by Montreal-based engineering WSP Global Inc. (WSP-T) – a $41-million friendly offer for British construction advisory business Sweett Group PLC – is turning out to be a test case for WSP’s risk appetite in the newly uncertain climate following Britain’s vote to exit the European Union.

Globe and Mail

UK commercial property to weather Brexit, say Aviva, M&G

Two of the UK’s biggest institutional fund managers have played down fears of a hard landing for their domestic commercial property market.  Aviva Investors and M&G Real Estate are both bracing for a moderate decline in capital values and rental growth, but they argue the market will most likely avoid a crash.

IPE Real Estate – Financial Post

Panama Canal opens in midst of shipping crisis

The Cosco Shipping Panama will be the first ship to mark the opening of the expanded Panama Canal on Sunday, a $5.2-billion (U.S.) project.  It will be sailing into the worst shipping market in years although the Port of Halifax, and Eastern US ports expect a boost in Asian trade.

Globe and Mail – CBC – Port Technology – Winnipeg Free Press

Walmart Canada’s COO Lee Tappenden to take over as CEO

Walmart Canada says it will have a new CEO on Aug. 15, when Lee Tappenden is promoted to the role. Tappenden joined Walmart Canada in 2010 and has held several senior positions since then. He’s currently chief operations officer, a position that’s often seen as a prelude to becoming CEO.

NorthWest Healthcare Properties acquires Australian Healthcare REIT

NorthWest Healthcare Properties REIT (NWH.UN-T) has acquired 100% of Generation Healthcare Management Pty Limited. GHC is the only Australian-listed healthcare real estate owner, operator and developer.

Canada Newswire

Summit Industrial Income REIT increases Montreal Industrial Market

Summit Industrial Income REIT  (SMU.UN-T) announced today that it is acquiring a 50% interest in a 56,208 square foot light industrial property in the Greater Montreal Region. The property, built in 2000, includes a highly marketable 31 foot clear ceiling height, and was acquired in a non-marketed sale-leaseback transaction.

Canada Newswire

Return of the REITs

Once upon a time, real estate investment trusts were one of Canada’s hottest investments. Then, in 2013, investors abandoned them en masse. This year, they’re back — the TSX/S&P REIT Index is up 16.3%, including distributions. But no one knows whether to trust the rally.

Globe and Mail

New Edmonton industrial fund to pay back developers

Edmonton’s share of the region’s industrial pie is shrinking, warned city officials as they proposed a set of new strategies.   Edmonton has roughly 3,800 hectares of vacant industrial land; much of it sits untouched because the costs of roads and sewers are too high for the initial developer.

Edmonton Journal – Edmonton Journal

The Sky Guys closes oversubscribed private placement

The Sky Guys Ltd., Canada’s leader in drone or Unmanned Aerial Vehicle (UAV) enabled services and aerial photography, closed an initial $350,000 private placement through the issuance of 3,500,000 common shares at a price of $0.10 per common share.

Canada Newswire – Mondaq

U.S. CMBS lenders scramble to comply with new rules

New financial oversight regulations set to go into effect later this year will require lenders originating CMBS loans to include “skin in the game” by retaining a 5% slice of each CMBS deal for five years. The new rules  are raising concerns in a CMBS market already reeling from a year-to-date 50% decline in overall issuance from last year.

CoStar Group – CP Executive

Anbang plan to convert most of Waldorf Astoria to apartments

China’s Anbang Insurance Group Co. plans to convert as much as three-quarters of the rooms at the landmark Waldorf Astoria hotel into apartments.  The Chinese insurer, which bought the New York hotel from Hilton Worldwide Holdings Inc in 2014 for $1.95-billion, plans to close the Waldorf for up to three years starting next spring, the report said.

Globe and Mail

NY Hearst Tower wins prestigious 10 Year Award

Hearst Tower in New York City has been recognized by The Council on Tall Buildings and Urban Habitat (CTBUH) with its prestigious 10 Year Award which recognizes proven value and performance over a period of time.

Marketwired

Market Trends and Research

Why Calgary businesses have the lowest property tax rate

Calgary’s property taxes are too high. Calgary’s property taxes are among the lowest in the country. Business taxes are going up. Business taxes are going down. If you’ve been following the discussion at city hall in the past few weeks, you’ve probably heard all of these seemingly contradictory statements.

CBC.ca

Battered local economy leaves Alberta towns struggling

Nestled in the rugged foothills of Alberta’s Rockies, the town of Grande Cache was hewn out of the wilderness 47 years ago ago to house miners from nearby coal pits. Today, the town of 4,500 is struggling and local officials are considering dissolving its as financial woes mount.

Globe and Mail

Real Estate Companies

Buy Brookfield Property Partners after Friday’s plunge: analyst

One of Canada’s largest commercial property companies took a beating on Friday following news of the Leave victory in the Brexit referendum. At least one analyst thinks that means a buying opportunity. Units of Brookfield Property Partners LP (BPY.UN-T) fell sharply Friday on the TSX, falling $1.73 to $29.70, or 5.5 per cent.

Globe and Mail

REOC Financial Reports

	REITs & REOCs – First-quarter 2016 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. First-quarter results are now arriving. Canadian REITs & REOCs – First-quarter 2016 report

 

Real Estate Investment Trusts

Residential REITs to buy Instead of a rental property

Real estate is one of the world’s most popular investments, but buying and managing a rental property is simply not for everyone. Fortunately, there are real estate investment trusts (REITs) that can give you the benefits of owning rental properties without the hassles that come with being a landlord.

Motley Fool

Retail

Montreal stores targeted by ‘anti-gentrification’ attacks

Last month when a group of about 3 masked looters vandalized a high-end grocer and specialty food counter in Montreal’s St-Henri neighbourhood, it brought widespread attention to the community in the city’s southwest as a symbol of the clash between a blue-collar past and gentrifying present.

Montreal Gazette

Infrastructure

OPG awards Darlington contracts to SNC-Lavalin and Aecon

Ontario Power Generation has awarded two more contracts for refurbishment work at the Darlington nuclear power plant to a joint venture formed by SNC-Lavalin and the Aecon Group.

Globe and Mail

International

Irish, French officials look to woo financial firms away from London

Officials in Dublin, Paris and Frankfurt have wasted little time in trying to encourage financial-services companies based in London to move now that Britain is leaving the European Union.  IDA Ireland, which promotes foreign investment in the country, issued a statement within hours of the release of the final referendum results on Friday, saying it hoped to take advantage of Brexit.

Globe and Mail

Brexit might benefit Hong Kong, Sydney and Shanghai markets

Brexit and the ongoing uncertainty in Europe is likely to play into the hands of Asian real estate markets, benefitting cities such as Hong Kong, Sydney and Shanghai. Megan Walters, head of research for Asia Pacific at JLL, said the uncertainty leading up to last week’s EU referendum had already slowed Chinese investment flows into the UK during the first quarter.

IPE Real Estate

Sustainability

Small businesses are changing their tune on bike lanes

Outside Alforno Bakery & Café, the newest addition to Teatro Group’s seven Calgary restaurants, there’s a bright yellow compressor hose and accompanying “free air” sign, ample parking for bicycles, and a sticker on the front window in support of the cycle track network.

Globe and Mail

Other

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