Gatineau eyes 2028 launch for $2.1B LRT

Gatineau eyes 2028 launch for $2.1B LRT

The City of Gatineau unveiled an ambitious vision Wednesday for $2.1-billion light-rail line that includes two links with Ottawa’s own rapid-transit network. The 26-kilometre rail system would link Aylmer in the west with central Plateau and cross both the Alexandra and Prince of Wales bridges into Ottawa, connecting with the city’s Confederation Line.

Ottawa Business Journal

Oxford secures investment partner for French portfolio

A fund advised by JP Morgan Asset Management has invested $620-million in Oxford Properties’ French portfolio to become a strategic investment partner. Oxford Properties said it sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille.

IPE Real Estate

Cushman & Wakefield files IPO to go public

Cushman & Wakefield, one of the oldest and largest global real estate services providers, has filed a preliminary prospectus to take the company public. The prospectus filing with the U.S. Securities and Exchange Commission does not state the number of shares to be offered, nor the pricing. C&W has extensive operations across Canada, with 22 offices from coast-to-coast.

Property Biz Canada

Canadian private equity doesn’t fear U.S.

The $3.8 billion takeover of Pure Industrial Real Estate Trust by Blackstone Property Partners and partner Ivanhoé Cambridge Inc., which closed in May, isn’t making Canadian private equity players fearful of more American incursions north of the border.   Panelists speaking at a conference in Toronto don’t think there are enough deals that are large enough to whet the American appetite, one putting that threshold at $500 million. 

CoStar Canada – Property Biz Canada

La Caisse backs Pomerleau’s strategic growth plan

La Caisse de dépôt et placement du Québec is becoming a minority shareholder in 150 year old Quebec based construction company Pomerleau with an investment of $50 million that will allow the company to execute its strategic growth plan over the coming years. Pomerleau has nine offices across Canada.

Canada Newswire

Cirque du Soleil to open in Toronto shopping centre

Shopping malls with a growing surplus of space have already leased to grocery stores and medical offices. Soon they’ll try out high-wire acts. Cirque du Soleil Entertainment Group plans to open its first family entertainment centre inside Vaughan Mills in the GTA in September 2019, in a partnership deal with real estate firm Ivanhoé Cambridge.

Financial Post

75 Canadian office buildings seek WiredScore certification

WiredScore, the company behind the international standard which rates Internet connectivity in commercial buildings, continues to expand across Canada since its launch in October. “Technology and digital connectivity have become non-negotiable factors for companies that are evaluating office space,” said WiredScore founder and chief executive officer Arie Barendrecht.

Property Biz Canada

Vancouver approves plan to curb speculation on Broadway corridor

Vancouver council approved new policies designed to curb land speculation and limit condo developments along the Broadway corridor. On Wednesday, council adopted a new measure called the development contribution expectation (DCE) intended to limit land values in anticipation of the arrival of the Millennium Line extension to Arbutus Street.

Vancouver Sun

New industrial park to open in Burnaby’s Brentwood

Tile companies, lighting outfitters, snack-food businesses and even a craft brewery have all shown interest in setting up shop at a new industrial park in Burnaby’s Brentwood Town Centre. PC Urban recently started marketing for their latest strata industrial complex. Called IntraUrban Brentwood, the developers plan to build the 100,000-sq.-ft. complex at 5495 Regent St. in the Still Creek area located southeast of the booming town centre.

Vancouver Sun – Property Biz Canada

Tim Hortons to open warehouses in Langley, Calgary

Tim Hortons will spend $100 million to revamp its distribution system and open two new Canadian warehouses, months after some franchisees were angered when supply deliveries from the company were delayed because of software upgrades. The upgrades will include a modernization of the current system, expansion of an existing warehouse in Debart, N.S., and new facilities in Calgary and Langley, B.C.

Vancouver Sun

NCC approves plan for 9-km South Shore Riverfront Park

The National Capital Commission has approved plans for the Ottawa River South Shore Riverfront Park, an expansive corridor spanning more than 200 hectares of riverfront land between Mud Lake and LeBreton Flats. The NCC has stewardship over the entire nine-kilometer stretch, which includes three sets of rapids, the Trans Canada Trail and multi-use pathways along both sides of the Sir John A. Macdonald Parkway.

CBC – CBC

Moray Tawse, Simon Nyilassy resign from Partners REIT

Partners REIT (PAR.UN-T) has a Majority Voting Policy that requires a trustee who receives more than 50% plus one votes “withheld” from his or her election to immediately tender his or her resignation. Mr. Simon Nyilassy and Mr. Moray Tawse received over 50% votes withheld and so have both tendered their resignations as trustees, which resignations have been accepted by the Board of Trustees.

Globe Newswire

Grocon selects ​Oxford Properties as Barangaroo project partner

Oxford Properties has become the preferred party to jointly invest with developer Grocon in the $1.38-billion commercial office component of a Sydney waterfront project. Grocon has confirmed that the global real estate arm of the Ontario Municipal Employees Retirement System (OMERS) will be its partner in Central Barangaroo, part of a large urban regeneration scheme in central Sydney.

IPE Real Estate

Brookfield makes bid for Australia’s Gateway Lifestyle

Brookfield Asset Management’s property arm has emerged as a rival bidder for Australia’s manufactured home group, Gateway Lifestyle Group, with an all-cash offer of $691-million. Gateway said Brookfield Property Group’s offer is “superior” to that made by Hometown America last week. Hometown is offering AUD634m for the Australian company.

IPE Real Estate

Kushners may have to cut stake in NYC tower

When Kushner Cos. bought 666 Fifth Ave. for a record-setting US$1.8 billion, it made a down payment of US$50 million. When it added a partner years later, that company put down US$80 million. Now Brookfield Asset Management Inc. is offering to buy a stake in the troubled New York City office tower and put up as much as US$700 million — in cash.

Financial Post

Featured Column

Why you need to engage a Broker to lease your space

From time to time we will receive a floor call from an individual asking one question: how do we charge brokerage fees to lease space. I explain that our typical fee would be calculated based on five per cent of the net rental amount over first five years and, if applicable, three per cent on the balance…

Read more

Market Trends and Research

Quebec City ranks fastest internet in Canada

Quebec City soars above the rest of Canada in an internet speed test— with Montreal trailing behind at 14th. Tech website PCMag used data from its online speed test to gather just under 12,000 results between September 2017 and June 5, 2018 to figure out which city has the fastest internet speed in Canada.

Montreal Gazette

Why Canadian CEO pay has soared over the past decade

When shareholders of Canada’s big banks opened their proxy voting forms in early 2008, they found a striking new proposal on the ballot. Submitted by a small ethical mutual fund company, the resolution called on banks to give investors an annual vote on how executive pay was designed.

Globe and Mail (Requires subscription)

Real Estate Companies

Bentall Kennedy grabs NJ shopping centre

Cushman & Wakefield has arranged the sale of Kearny Square, a 138,895-square-foot shopping centre in Kearny, N.J. Bentall Kennedy’s U.S. Core Fund acquired the property from the developer, Welco Realty. BJ’s Wholesale Club anchors the premier shopping centre.

CP Executive

Trailcon Leasing begins construction on Calgary facility

Trailcon Leasing Inc. began construction on its second facility in as many months when it broke ground on June 19 in Calgary. The state-of-the-art 20,000-square-foot building will occupy six acres at 7269 – 106 Avenue SE, with the expected completion date being Q2 2019.

Globe Newswire

Real Estate Investment Trusts

Fronsac REIT buys property from Riocan

Fronsac REIT (GAZ-UN-X) has acquired a property located on Iberville Boulevard, a highly trafficked artery in the city of Repentigny, Qc. The property is leased to Pharmaprix. It was acquired from Riocan REIT for $6,250,000 (excluding transaction costs) and was settled in cash. There were no previous ties between Fronsac and Riocan prior to the transaction.

Globe Newswire

Retail

Land & Buildings resumes criticism of Hudson’s Bay

Activist investor Land & Buildings on Thursday resumed its criticism of department store owner Hudson’s Bay Co, urging it to correct its underperformance and extract value from its substantial real estate holdings. The hedge fund, which has been agitating for change at HBC, agreed in December to cease public statements about the company until its annual shareholder meeting on June 12. 

Globe and Mail

New Development

Opinion: Land value tax should replace Vancouver’s CACs

According to the City of Vancouver, “community amenity contributions (CACs) are in-kind or cash contributions provided by property developers when city council grants development rights through rezoning.” CACs are simple to explain, an easy sell for the city: the property developer who is asking for rezoning, often resulting in extra density, should pay for the amenities needed to support the new density.

Business in Vancouver

Sports Venues

Ken King responds to city overture on arena deal

The Calgary Flames have offered a decidedly wary response to a recent overture by city councillors to relaunch negotiations on a potential arena deal, months after talks fell apart. “While we would never decline your formal request for a meeting, we do have some concerns based on past practice,” Calgary Flames CEO and president Ken King said in a June 4 letter.

Calgary Herald – Calgary Herald

Edmonton mulling future of old coliseum site

When it comes to bringing Edmonton’s dead coliseum back to life, almost everything is on the table. The future of the abandoned Northlands Coliseum remains unclear but there are more than a few ideas about how to revive the former home of the Edmonton Oilers.

CBC

Infrastructure

P3 sector drives forward to improve practices

Canada’s public-private partnership (P3) players may have undertaken some 276 P3 projects across the country at last count worth $127 billion but they are still eager to improve their practices and seek ways to innovate as the sector matures. That was the word at the Royal Institution of Chartered Surveyors (RICS) Summit Series Americas event held earlier this month in Toronto.

Construct Canada

Review gives IO high marks, identif ies threat

The latest Track Record report assessing Infrastructure Ontario (IO) project oversight gives IO high marks. Quantity surveying firm Hanscomb reported of the 56 IO projects that had reached substantial completion as of March 31, 2017, 53, or 95 per cent, were completed on budget and 39, 70 per cent, were on time.

Construct Canada

Global investors increasing allocations to infrastructure, real estate

Globally, more than 70 per cent of public institutional investors have increased their allocations to real assets over the past three years, according to a new survey by the Official Monetary and Financial Institutions Forum and the Bank of New York Mellon Corp.

Benefits Canada

School replacement largest seismic project in Vancouver history

Students at a secondary school in South Cambie will be moving into a new building by 2022, in what the province is calling the largest seismic project in Vancouver’s history. The B.C. government is spending nearly $80 million to replace Eric Hamber Secondary. The new school will be built beside the current building on Willow Street and 33rd Ave.

CBC

Other

Famous Spanish street artist courted to paint Edmonton’s biggest mural

If two Edmonton art lovers get their way, a homely brick facade near Whyte Avenue will become a blank canvas for renowned Spanish street artist Okuda San Miguel. Michael Maxxis and Fish Griwkowsky have launched a $40,000 crowdfunding campaign for a six-storey mural in Old Strathcona.

CBC

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