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RENX Top 30 real estate stories of 2018
1) Choice Properties acquires CREIT in $6B transaction
RENX Commercial • Investment, Retail • National • December 20, 2018
Choice Properties REIT (CHP.UN-T) created Canada’s largest REIT by acquiring Canadian Real Estate Investment Trust in a transaction worth about $6 billion. The deal, which closed in May, gave Choice an enterprise value of more than $15 billion.
2) PIRET acquired by Blackstone/Ivanhoe in $3.8B deal
Commercial • RENX
Pure Industrial Real Estate Trust (AAR-UN-T) announced it will be acquired by an affiliate of Blackstone Property Partners (BX-N) in an all-cash transaction valued at $3.8 billion. The deal closed on May 24.
3) Blackstone JVs with Starlight on Canadian multi-family
Commercial • RENX
Blackstone Property Partners (BX-N), the world’s largest private equity real estate firm, is making its first investment in the Canadian multi-family sector through a joint venture with Starlight Investments, the firms announced.
4) Brookfield to build Bay Adelaide Centre North tower
Commercial • RENX • CoStar Group
Brookfield Property Partners (BPY-UN-T) says it will commence development of the third and final office tower of Bay Adelaide Centre in downtown Toronto. Brookfield earlier sold a 50% stake in the centre to U.K.-based VPMA Bay Adelaide Property for $850 million.
5) Amazon announces Edmonton fulfillment centre, TO expansion
RENX Commercial • December 20, 2018
ONE Properties and TD Greystone will develop a million-square-foot fulfillment centre for Amazon just outside Edmonton, the fourth major Amazon fulfillment centre to be announced in Canada this year. It is also expanding a newly opened Toronto Tech Hub.
6) WeWork continues rapid growth across Canada
Commercial • Vancouver Sun • RENX
WeWork spent 2018 growing coast-to-coast. After announcing it wants up to 20 additional Toronto / GTA locations, the coworking company turned its attention to Vancouver, where it also continues to expand.
7) National Bank buys Broccolini site for new Montreal HQ
Commercial • RENX
National Bank (NA-T) will spend about $500 million to build a new head office in what will be the largest office tower in downtown Montreal since the construction of 1250 René Lévesque a quarter of a century ago.
8) CF, IMCO to build 46-storey Toronto office tower
Commercial • RENX
Cadillac Fairview and the Investment Management Corporation of Ontario will construct an $800-million, 46-storey office tower at 160 Front Street West in downtown Toronto.
9) Calgary downtown office towers drop $1.6B in value
Commercial • Calgary Herald
The slide in the overall value of Calgary office towers continues, even as two new ones — the Manulife building and Brookfield Place — open downtown, adding a combined value of more than $850 million to the city’s tax rolls.
10) Caisse de dépôt invests $250M in Avison Young
Commercial • RENX
Avison Young CEO Mark E. Rose says a $250-million preferred equity investment from the Caisse de dépôt et placement du Québec (CDPQ) provides his growing firm funds to accelerate its expansion plans.
RioCan Living keeps REIT ‘ahead of the curve’
Commercial • RENX
RioCan REIT’s (REI-UN-T) plan to turn 43 of its retail properties into mixed-use developments through its new RioCan Living brand is intended to keep the company “ahead of the curve” and increase asset value says senior vice-president Jonathan Gitlin.
Timbercreek buying Wynn family’s $1B portfolio
Commercial • CoStar Group
Wynn Group of Companies, one of Toronto’s largest multi-family property owners, sold more than $1 billion worth of assets to Timbercreek Asset Management. The Wynn Group had more than 4,500 residential units and three million square feet of CRE.
Allied to spend $1B on Toronto tech offices
Commercial • Bloomberg
Allied Properties REIT (AP-UN-T) is planning to spend about $1 billion over the next five years to meet the frenzied demand for offices by tech workers in Canada’s biggest city. Allied will commit a large chunk of that capital to The Well.
Granite REIT sells 10 properties for $400M
Commercial • RENX
Granite REIT (GRT-UN-T) has taken a major step toward reducing its exposure to Magna International, its primary tenant, with the sale of 10 properties in Canada and the U.S. for approximately $400 million.
$4.6B development planned for Lake Ontario shores
Commercial • Bloomberg
There’s a new urban oasis coming to the shores of Lake Ontario. A former 177-acre coal power plant site will be transformed into a mixed-use community in Mississauga that could be worth as much as $6 billion once complete.
Bombardier selling T.O. site to PSP Investments
Commercial • RENX
Bombardier Inc. will sell its Downsview airport and manufacturing property in Toronto to Public Sector Pension Investments (PSP Investments) for $635 million.
Aurora building 1.2 million-square-foot pot operation
Commercial • CBC
Aurora Cannabis Inc. (ACB-T) is acquiring about 29 hectares of land in Medicine Hat, Alta., to build a new high-tech cannabis facility. Aurora says the new facility, to be named “Aurora Sun,” will be the size of 21 football fields.
Ivanhoé looking to sell stakes in 10 shopping malls
Commercial • Globe and Mail (Subscription required)
Ivanhoé Cambridge, the real estate company of the Caisse de dépôt et placement du Québec, is attempting to sell 50 per cent non-managing interest in highly profitable malls such as Vaughan Mills north of Toronto.
Devimco plans largest-ever $3B Montreal development
Commercial • RENX
Devimco Immobilier is planning a $3-billion project in the Griffintown area of Montreal, which would be the company’s biggest-ever development. The mixed-use project will surpass the Devimco-created Quartier Dix30 and Solar Uniquartier in size, Devimco president Serge Goulet said.
Construction begins on Montreal’s $6.3B REM
Commercial • Montreal Gazette
The largest public transit project in Quebec’s history is officially underway. The $6.3-billion Réseau express métropolitain broke ground in mid-April, at a ceremony held in the shadow of what will be the light-rail network’s Griffintown station.
Oxford, CPPIB build Vancouver’s unique The Stack
Commercial • RENX
The Stack, which will be Vancouver’s tallest office building, has secured three large tenants and will start construction in early 2019. The Stack is a 50-50 partnership between Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB).
HBC, RioCan deal to sell Vancouver store falls through
Commercial • Reuters
Hudson’s Bay Co (HBC-T) and joint venture partner RioCan REIT (REI-UN-T) signed a conditional agreement to sell HBC’s flagship store in downtown Vancouver for about $675 million to Chinese billionaire Zheng Jianjiang. However, the deal fell through in the summer.
$850-million Edmonton Galleria Project suspended
Commercial • CBC
The Edmonton Galleria Project, a sprawling arts district proposed for downtown Edmonton, has been suspended by its board of directors. The Edmonton Galleria Foundation released a statement confirming the $850-million project is no longer considered viable.
Sobeys owner Empire pays ‘top dollar’ to buy Farm Boy
RENX Commercial • Retail • National • December 20, 2018
Empire Company Ltd. will pay “top dollar” for 26 Ontario Farm Boy stores because of the fresh food retailer’s dramatic growth, industry-leading per-store revenues, and its expansion pipeline.
GWL promotes Finkbeiner to head of global real estate
Commercial • RENX
Great-West Lifeco (GWO-T) has appointed Paul Finkbeiner to the new position of executive vice-president, global head of real estate. Finkbeiner will report to Raman Srivastava, executive vice-president and global chief investment officer of Great-West Lifeco.
Brett Miller to succeed Jonathan Wener as Canderel CEO
The Canderel Group of Companies says its founder and CEO for the past 44 years, Jonathan Wener, will step down early in 2019. He will be replaced by JLL Canada CEO Brett Miller, who started his real estate career with Canderel.
Northwest Healthcare announces $1.9B Australian JV
Commercial • Canada Newswire
NorthWest Healthcare Properties REIT (NWH-UN-T) announced it has entered into a joint venture agreement with a large sovereign wealth fund. With an an aggregate gross commitment of $1.9 billion Cdn, the mandate is to acquire/develop Australian healthcare real estate.
WPT, CPPIB, AIMCo form $1B JV to buy U.S. industrial
Commercial • RENX
WPT Industrial Real Estate Investment Trust (WIR-U-T), Canada Pension Plan Investment Board and Alberta Investment Management Corporation (AIMC0) have formed a joint venture to acquire up to $1 billion in industrial properties in strategic U.S. logistics markets.
H&R to sell U.S. retail properties, focus on residential
Commercial • RENX
H&R Real Estate Investment Trust (HR-UN-T) says it will sell 63 U.S. retail properties for $633 million US and use a “significant share” of the proceeds to fund acquisitions for its Lantower Residential division.
Brookfield sweetens bid to take over mall owner GGP
Commercial • RENX
Brookfield Property Partners (BPY.UN-T) has added about US$2 billion to its offer to purchase GGP Inc. The acquisition, valued at about $15 billion, closed on Aug. 31.
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