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TD Bank ups NYC real estate game
TD Bank ups NYC real estate game
Some bankers chase the sexy deals that grab headlines, but push the envelope of common sense. Gregg Gerken and Roy Chin, backed by the culture of a conservative Canadian lender, play by a different, more cautious set of rules. Quietly, their disciplined approach has turned TD Bank (TD-T) into a major player in New York City real estate.
Canadian love affair with Manhattan CRE unabated
Canadian investment in the Manhattan commercial property market is expected to stay strong this year after quadrupling to set a record in 2015. Canadians accounted for almost a third of the $25.6 billion in foreign capital invested in Manhattan CRE last year, with investment swelling to $8.3 billion from $1.97 billion a year earlier, according to data from Real Capital Analytics.
REALpac/IPD index trumped by takeover talk
Rumoured takeovers of large Canadian REITs and evolving buying opportunities in Calgary overshadowed Wednesday’s release of the REALpac/IPD Canada Quarterly Property Index in Toronto. Predatory companies, mainly U.S. big-money investors, have been attracted to the scent of blood in Canadian real estate markets and are poised to pounce, said Lincluden Asset Management‘s Darren Warren.
Veritas, Ivanhoe build portfolio, partnership
Veritas Investments and Ivanhoé Cambridge strengthened their partnership last month with the acquisition of 16 multi-family properties in San Francisco for approximately $275 million Cdn. “We’re still looking at acquiring more with our partner, Ivanhoé Cambridge,” said Veritas chief executive officer Yat-Pang Au, who founded the company in 2007.
Put Flats arena debate on ice: Devcore
The Devcore proposal for Ottawa’s LeBreton Flats is probably the more creative of the two. But, in early days, it suffers two problems: the message and the messengers. On release day, the Devcore proponents said they would be interested in opening discussions with Eugene Melnyk about having the Ottawa Senators play in their new Flats arena.
Ottawa Citizen – Ottawa Sun – Ottawa Citizen – Ottawa Citizen
Winnipeg a leader in adding new HQ jobs
Winnipeg added new head-office jobs at a faster rate than any other major Canadian city in 2014, a new report from Statistics Canada states. Annual Head Office Survey 2014 reveals Winnipeg gained 391 new head-office positions during that year, the latest for which numbers are available.
Corporate Vancouver still lags behind Toronto and Calgary
Metro Vancouver may be building a reputation for producing feisty start-ups, but it still ranks poorly against heavyweights like Toronto and Calgary, according to a recent report by the Business Council of British Columbia. The council used data from a Statistics Canada survey on head offices.
Port Metro Vancouver endeavour receiving pushback
Port Metro Vancouver needs more land to expand its services, but it’s running up against a wall of local pushback. The port is vital to the economy of Vancouver, B.C. and Canada. In a global economy, it’s a door through which our resource exports go out and the many imports that enable us to maintain our lifestyle come in.
Edmonton developers want road costs shared
Road building rules around new Edmonton developments are about to get a revamp — but just how the jobs get funded may prove to be a speed bump. The city’s transportation committee received a report Wednesday outlining options to change the way highway penetrators are dealt with when subdivisions are built around them.
No more boring buildings for Edmonton
The list of designs for new municipal buildings in Edmonton is starting to read like a who’s who of Canadian architecture. Names like Patkau of Vancouver, Teeple Architects of Toronto and Hughes Condon Marler are getting the attention of students of architecture. Each of these firms, and more, are starting to build up a portfolio of work in the Alberta capital.
The future is bright for architecture
Canada: Why do your new buildings all look the same? That is the question posed by Dutch architect Nathalie de Vries. When she arrived in Toronto recently for a lecture at Ryerson University, the partner in the firm MVRDV was struck by the “generic” quality of the new construction that is reshaping much of the city’s downtown.
Market tempers Saskatoon’s big dreams: Opinion
The first south downtown plan I remember was presented by Henry Dayday. There was a big press conference, drawings of buildings, and high expectations. Then, nothing, because there was no money. This would happen every couple of years until the city hired consultants who came up with the River Landing concept.
The ghosts of Winnipeg venues past
Recently Winnipeg city council approved a heritage designation on Main Street’s Fortune Block – home of the much-beloved (by those who go) Times Change(d) High & Lonesome Club. It gives a much-needed lifeline to proprietor John Scoles and his live-music venue/eatery – one that could see Times Change(d) survive for some time.
Online shopping changes Vancouver’s retail landscape: AY
The growth in online shopping is changing Metro Vancouver’s CRE landscape as demand for suburban industrial space continues to grow in contrast to bricks-and-mortar retail. That shift has led to worries about what the trend means for small businesses and land-use planning in cities.
Luxury retailers want shoppers to stay in Canada
Industry watchers say Canada’s retail clothing sector is expected to slow in the coming few years even though the battle for luxury shoppers is revving up. After two years of growth approaching four per cent, sales are forecast to slow and bottom out to a mere one per cent increase in 2018, says Trendex North America.
Featured Column
An economic disconnect between CRE and residential?
Whether there is a tangible disconnect between commercial and residential real estate is difficult to say. It can be common to see strength in one sector and not in the other.
The project sales team is your secret weapon
For years now, in the real world outside planning documents, timelines and spreadsheets, the disconnect between sales and marketing has been pronounced and dysfunctional. If you can fix this in your project, it will be your secret weapon.
Market Trends and Research
Investors likely to bet on real estate in 2016
With everything that has happened in recent months, including the Federal Reserve’s interest rate hike and the turmoil in global equity markets, many investors will likely be seeking refuge in real estate. For them, real estate may seem like a less risky investment with potentially significant returns. The year is already shaping positively for real estate worldwide
Retail responds to a need for speed
Currently, the push to create experiential retail is driven primarily by increased growth of online sales. Additionally, consumer interest in on-demand and tailored orders is generating experiments in manufacturing technology and site selection, while demands for next-day or same-day delivery are encouraging retailers to differentiate at the last mile.
Investment in Scotland’s CRE plummets
Investment in Scotland’s commercial property sector dropped by 41 per cent last year to $3 billion Cdn, according to a leading information provider, with Aberdeen recording the country’s biggest fall. CoStar Group said investment in offices in Aberdeen fell by 78 per cent to $236 million – from $1.1 billion in 2014 – reflecting the economic difficulties posed by the low price of oil.
Real Estate Companies
Shareholders call for wind-up of Trez Capital
FrontFour Capital Group LLC, FrontFour Capital Corp., Concerned MIC Shareholders GP Inc., Performance Income Inc. and Windsor Private Capital Inc., announced they will be formally requisitioning the Trez Capital Board of Directors to call a special meeting of shareholders for the purpose of (i) reconstituting the board with three new independent directors, and (ii) voting on a special resolution to wind-up the company.
Ford to build auto plant in Mexico: Report
Published reports claim Ford (F-N) plans to build a new auto plant in Mexico, with plans to rev up production there. According to The Wall Street Journal, Ford plans to build a new assembly complex in San Luis Potosi and expand an existing facility near Mexico City.
Dozens of U.S. beauty school campuses close
A Beverly Hills-based beauty school says it’s closing all 56 of its campuses in five states after losing federal funding over allegations of misconduct. Marinello Schools of Beauty has been in business for more thn a century. It shut facilities this week in California, Nevada, Utah, Kansas and Connecticut.
REOC Financial Reports
Latest profit reports:
* Brookfield Property Partners, (BPY.UN-T), Marketwired
* Colliers International Group Inc. (CIG-T), Canadian Business
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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. |
Real Estate Investment Trusts
Hedge fund manager shorting REIT – again
Hedge fund manager Kyle Bass, who runs Dallas-based Hayman Capital, tanked the stock of a little-known real estate financier Friday by revealing he is shorting the company. Shares of a REIT operated by United Development Funding crashed more than 30 per cent after Bass unleashed his campaign, which accused UDF of orchestrating a $1 billion “Ponzi-like scheme.”
Three cheap REITs to make you rich
Undervalued REITs are great for building wealth. American Hotel Income Properties REIT LP (HOT.UN-T), Morguard North American Residential REIT (MRG.UN-T), and Slate Office REIT (SOT.UN-T) are REITs I think are cheap and have growth potential in the coming years.
Legal Corner
California high-speed rail back in court
California voters embraced the idea of building the nation’s first real high-speed rail system, which promised to whisk travellers from San Francisco to Los Angeles in under three hours. Eight years after they approved funding, construction is years behind schedule and legal, financial and logistical delays plague the $68-billion project.
Email sheds light on Oshawa’s property deal controversy
A newly released email sent by an Oshawa councillor sheds light on a controversy that has dogged the city since 2013. Resident Rob Vella fought for a year and a half to obtain the email in a bid to learn more about the city’s $5.9-million purchase of a property and the question of whether or not the city overpaid.
Retail
Winnipeg’s River City Sports to close stores
One of Winnipeg’s best-known sports retailers is going back to its roots in an effort to stay in business. River City Sports is shuttering four under-performing stores and returning to its former flagship location. The company has filed a notice of intention to file a notice of proposal, keeping its creditors from targeting its assets while it reorganizes.
New Development
Victoria council OKs plan to replace fire department HQ
It’s unclear where it will ultimately be located, what it will look like or even what other functions it may serve, but the City of Victoria has approved the next stage of the process to replace the Victoria Fire Department’s aging headquarters. They also voted to fund the $30-million project with the city’s debt-reduction reserve.
Infrastructure
Funding designated for Ontario’s Highway 69
The province is investing $173.4 million in order to build a four-lane section of Highway 69 between Sudbury and Parry Sound in northern Ontario. Work will begin soon on the 14-kilometre stretch, which spans just north of Highway 607 to just north of Highway 522. Two new interchanges and 10 new bridges will be built.
Human Resources
Famed NYC developer dead at 90
A builder whose company worked on the World Trade Center in New York City, the Century City complex in Los Angeles and Walt Disney’s EPCOT centre in Florida among other high-profile developments has died. John Tishman, 90, died Saturday morning at his home in Bedford, about 35 miles north of New York.
Winnipeg Free Press – New York Times
BlackBerry lays off 200 in latest cost-cutting move
BlackBerry Ltd. (BB-T) confirmed another round of layoffs Friday, this time affecting 75 employees in Sunrise, Fla., and about 125 in Canada. BlackBerry is still hiring “in those areas of our business that will drive growth,” a statement said. BlackBerry ha cut its workforce to 6,225 employees, as of fiscal 2015, from 17,500 in 2011.
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