True North Commercial REIT’s (TNT-UN-T) purchase of a downtown Ottawa office building at 360 Laurier Avenue West isn’t one of its largest acquisitions, but it is the final step in its strategy to be exclusively an office owner and operator.
Tracking sales greater than or equal to $1 million, the dollar volume invested across Calgary’s office, retail, industrial, multi-residential and ICI/Residential Land asset classes, total dollar volume rose to approximately $3.05 billion in 2018, a year-over-year increase of approximately $697 million.
Riu Hotels and Resorts has announced plans to spend $100 million to build a new hotel in its Riu Plaza urban line in Toronto. The project will be the first Riu hotel in Canada, said a recent statement.
Almost a year after announcing their partnership to build retirement residences, SmartCentres REIT (SRU-UN-T), Penguin Group of Companies and Revera have unveiled details of the first three developments. The residences will comprise 536 units in Vaughan and Oakville.
With e-commerce and reverse logistics continuously increasing the need for industrial space, investors focused on other property types are shifting toward industrial real estate, notes Ross Litkenhous, Washington, D.C.-based global head of business development at Toronto-based Altus Group.
Canadian architecture and interior design practice Quadrangle has formed a partnership with UK-based BDP, aiming to create a platform for broadened international growth and expertise. Quadrangle will lead Canadian operations and BDP’s North American expansion.
Unlisted real estate is set to play a smaller role for Norway’s sovereign wealth fund than envisioned. Norges Bank Investment Management, which manages $1.327 trillion Cdn, has reduced its target real estate allocation from seven to three to five per cent.
Canadian private equity firm Brookfield Asset Management (BAM-A-T) is in preliminary talks with India’s Reliance Industries to buy a stake in its optical fibre and telecom tower assets, The Times of India newspaper reported on Friday.
Inovalis REIT (INO-UN-T) announced it has closed the disposition of its Hanover property, for $38.6 million Cdn, in line with its IFRS value. The property, was acquired by the REIT for $30.9 million in April 2013, upon closing its initial public offering.
Five Canadian REITs – BSR REIT (HOM-U-T), CT REIT (CRT.UN-T), Dream Global REIT (DRG.UN-T), H&R REIT (HR.UN-T) and SmartCentres REIT (SRU-UN-T) – are included in National Bank’s 2019 Dividend All-Stars portfolio, which consists of 24 high-yielding securities.
This year is poised to be an eventful one for REITs, with several regulatory and policy changes taking effect that will impact operations and balance sheets. These changes present a mixed bag for REITs in the new year.
Boston Properties (BXP-N) is increasing its investment in California’s Silicon Valley with a new office development that could attract some of the biggest names in technology. It is teaming up with TMG Partners to develop Platform 16, a 1.1-million-square-foot urban campus.
After heading into what seemed to be a free fall over the six months, Hudson’s Bay Company (HBC-T) has actually gone in a positive direction since the end of January.
“My brother ran one of Canada’s first video stores, and we ended up publishing a magazine about the video industry,” says Cineplex Media president Salah Bachir. “Then we created a trade show to celebrate the Canadian scene.”
A bankruptcy judge has blessed a $5.2 billion plan by Sears Holdings chairman and biggest shareholder Eddie Lampert to keep the iconic business going. The approval means roughly 425 stores and 45,000 jobs will be preserved.
Enticy is a boutique condo project coming to downtown Montreal. This unique 24-story project combines old and new, with a contemporary design built around a façade of historical townhouses. The team behind the project includes Claridge, Omnia Technologies, and Geiger Huot.
In 2018 it was a seller’s market in almost every part of Greater Montreal. While the West Island was notable for its low inventory, the tightest of all the tight residential markets in Quebec was located off–island in Pincourt.
Home sales in Ottawa and the surrounding area surged nearly 16 per cent in January, as homebuyers showed they were undeterred by record cold temperatures and snowfalls. The Ottawa Real Estate Board says 829 residential properties were sold through its multiple listing service system last month.