AIMCo to lease eight floors in Edmonton’s HSBC Place

AIMCo to lease eight floors in Edmonton’s HSBC Place

AIMCo (Alberta Investment Management Corporation) will be moving into HSBC Place in Edmonton when the international investment giant finishes an extensive renovation of the downtown tower. AIMCo bought the HSBC building in 2017. It will consolidate its Edmonton workforce on eight floors of the 17-floor building, located on 101st Street in the financial core of the city, when the refurbishment is complete at the end of December 2019.

Property Biz Canada

Fiera Capital’s real estate division has global ambitions

Fiera Capital Corp.’s (FSZ-T) property unit wants to go global. Quebec’s biggest publicly traded asset manager is looking to make its first real-estate foray outside Canada by the start of the next decade to diversify its holdings, according to Pierre Pelletier, a senior vice-president at the company. All of Fiera Properties’ assets under management, which are valued at about $3 billion, are in Canada.

Bloomberg

Ottawa builder David Choo: ‘I am an entrepreneur’

David Choo didn’t set out to become one of Ottawa’s largest, most highly visible developers.  However, even as a child he was inquisitive and driven. A born entrepreneur, he likes to say. “I’ve built whatever businesses I have from scratch, right here in Ottawa. Essentially I am an entrepreneur,” Choo said during an interview in the suburban office which houses his Choo Communities companies.

Property Biz Canada

Slate’s next growth area: multi-family development

Slate Asset Management is moving into the Canadian multi-family asset class with Toronto’s Junction House and two other planned developments. “We believe that many, and perhaps most, dense and growing urban markets operate at a continual housing supply deficit because of their land use constraints,” said Slate vice-president of development Brandon Donnelly. “That creates a market opportunity and an immediate need for new supply.”

Property Biz Canada

Anbang takes steps for possible Bentall Centre sale

Anbang Insurance Group is taking steps toward selling its Vancouver office buildings, only a few years after spending more than $1 billion on the prime downtown properties, according to a source. The Chinese insurance company is evaluating various Canadian banks and commercial realtors for the job of potentially selling four of the five Bentall Centre office towers it owns, said the source.

Globe and Mail (Subscription required)

Partners’ dispute puts Ottawa mega-project in peril

The plan for the massive redevelopment of LeBreton Flats, including a new NHL arena, is in danger of failing over a disagreement between the key members of the group awarded the major project. The Ottawa Senators and Trinity Group — the key partners in Rendezvous LeBreton Group — told the National Capital Commission earlier this month they have “not been able to resolve their internal partnership issues.”

CBC – Ottawa Citizen – Globe and Mail

People Space: Kenney CAPREIT’s new prez, roles shift at Crombie . . .

Canadian Apartment Properties Real Estate Investment Trust (CAR-UN-T) has added the title of president to Mark Kenney’s current position as chief operating officer. “Today’s announcement supports the board of trustees’ succession planning process and facilitates CAPREIT’s strategy to increase unitholder value,” said Michael Stein, chairman of the board, in a release.

Property Biz Canada

Ontario considers alternative options for high-speed rail

Ontario is considering alternatives to a planned multibillion-dollar high-speed rail corridor between Toronto and Windsor, with the government saying it wants to ensure the region gets served by a mode of transportation best suited to its needs. An ongoing environmental assessment for the project will continue, but the Progressive Conservatives say they’re expanding the scope of their studies to determine if other options would work better.

CBC

‘Vulnerable’ TTC needs dedicated revenue: Report

The TTC is in a “unique and vulnerable position” among other similar North American transit systems due to low subsidies and a lack of dedicated revenue, according to a new report from a coalition of transit advocates. The report from non-partisan advocacy group CodeRedTO is now raising questions about the best approach to strengthen Toronto transit — with the authors arguing for city-centred governance.

CBC

York Region saw 32% of GTA’s RE investment in 2017

York Region’s land transactions and dollar investments totalled $2.2 billion in 2017, constituting about 32 per cent of the total GTA volume, which reached $6.8 billion, according to real estate firm CBRE. CBRE’s data, which didn’t include land transactions smaller than one acre, showed York Region’s total real estate investment increased by more than 44 per cent in 2017 compared to 2016, when the volume reached about $971 million.

YorkRegion.com

Chinese ride-hailing firm DiDi launches Toronto research lab

China’s largest ride-hailing firm has launched a research facility in Toronto, its second in North America. Didi Chuxing says it officially launched DiDi Labs, which follows the establishment of a lab in Mountain View, Calif., in March 2017. The new DiDi Labs in Toronto will focus on research into intelligent driving and artificial intelligence.

Toronto Star – Business Wire

Shoppers head out early for Black Friday deals

Black Friday is the biggest day of the year for bargain hunters, and malls and stores across the GTA are opening earlier as retailers offer up deals. Malls will also stay open later than usual. The Best Buy at Bay and Dundas Streets opened at 5:30 a.m. Black Friday, which is expected to be the biggest shopping day of the year, according to technology company ShopperTrak.

City News – Reuters – Forbes

Giant Tiger founder thrived across a lifetime of retail

When Walmart took Canada by storm in the mid-1990s, it sent shudders down the spines of homegrown store owners who feared they’d be trampled in its wake. Ottawa businessman/Giant Tiger founder Gordon Reid, an accomplished retailer in his own right, saw things a bit differently. Instead of wasting energy worrying about Walmart, he threw himself into figuring out ways to beat the U.S. retail juggernaut at its own game.

Ottawa Business Journal

Lessons for property managers from 2016 Ottawa sinkhole

Property managers have to be prepared for fires, lockdowns and evacuations. However, some events, such as natural disasters or those caused by unforeseen human error, are outside of the scope of planning ahead. One such event is the sinkhole that opened up on Rideau Street in June 2016, caused by nearby construction. The Rideau Centre was evacuated and nearby buildings such as the Château Laurier were affected as well.

Ottawa Business Journal

Food halls the latest appetizer for office workers

It was once standard procedure for office workers in Ottawa’s downtown core to zip over to Hy’s Steakhouse for a postwork cocktail or dinner. However, since that former dining institution shuttered in 2016, the 8,000-square-foot space has sat empty – save for construction workers walking through on their way to the new light-rail transit stop at the corner of Queen and O’Connor Streets.

Globe and Mail

Featured Column

Embracing Power over Ethernet technology

As occupants of The Edge office building in Amsterdam approach the parking garage, cameras recognize their car license plates and grant access. A mobile phone app then directs them to their individually assigned work stations, the location of which can vary from day to day. LED connected lighting tracks their movements allowing lighting, air and temperature to be adjusted accordingly and to their preferences.

Commercial Real Estate Insider

Market Trends and Research

No slowdown among real estate investors

Institutional investors continued to increase their target allocations to real estate in 2018, contrary to expectations, according to Hodes Weill & Associates. Average target allocations grew by 30bps from 2017, continuing a five-year trend. “Last year we predicted a slowdown in the increase in allocations, but 30bps is meaningful year over year,” said Doug Weill, managing partner of Hodes Weill & Associates, which produced the sixth annual Institutional Real Estate Allocations Monitor with Cornell University’s Baker Program in Real Estate.

IPE Real Assets

Real Estate Companies

Timbercreek upsizes its revolving credit facility to $500M

Timbercreek Financial Corp. (TF-T) announced it has entered into an amendment to increase its credit facility by $60 million, and extend the terms of the facility for an additional year. The facility is provided by a syndicate of lenders, with the Toronto-Dominion Bank acting as sole lead arranger. The amendment increases the company’s existing revolving credit facilities to an aggregate amount of $500 million (which includes a $20 million swingline facility).

Globe Newswire

Firm Capital closes $25M bought deal financing

Firm Capital Mortgage Investment Corporation (FC-T) announced it has closed its previously announced bought deal offering of $25,000,000 aggregate principal amount of 5.50 per cent convertible unsecured subordinated debentures of the corporation due Jan. 31, 2026 at a price of $1,000 per debenture. Each debenture is convertible into common shares of the corporation at the option of the holder at a conversion price of $14.60 per common share.

Canada Newswire – Canada Newswire

Gateway Casinos seeks to list on NYSE

Canadian private equity firm Catalyst Capital Group Inc. is attempting again to take Gateway Casinos and Entertainment Ltd. public, as the fund manager faces pressure from some investors to deliver returns. The initial public offering, filed on Tuesday, is the latest development in Catalyst’s long saga to cash in on the casino company. Catalyst head Newton Glassman has been trying to sell or take Gateway public for years.

Globe and Mail (Subscription required)

REOC Financial Reports

Latest financial results:

* CHC Student Housing Corp., (CHC-X), Globe Newswire

REIT Financial Reports

Latest financial results:

* Maplewood International REIT, (MWI-UN-X), Globe Newswire, Sedar

* Nexus REIT, (NXR-UN-X), Canada Newswire

Retail

Gap considers closing hundreds of stores ‘with urgency’

Black Friday 2018 could be the last one for hundreds of Gap stores at malls around the country. Art Peck, CEO of Gap Inc., says the retailer is considering the shutdown of hundreds of underperforming stores “with urgency.” Included among those are some of Gap’s “flagship” locations. “There are hundreds of other stores that likely don’t fit our vision for the future of Gap brand specialty store . . . ,” Peck said.

Fortune – New York Daily News

Ikea cutting 7,500 jobs worldwide

Swedish home furnishings giant Ikea says about 150 jobs in Canada could be impacted over two years as it adjusts to changing customer behaviour. The retailer expects to cut 7,500 jobs worldwide as it addresses urbanization, new technology and digitalization. Ikea says the cutbacks will allow it to focus “on its e-commerce platform, to better meet the needs of its customers and be more convenient and affordable to many more people.”

Halifax ChronicleHerald – Bloomberg

Cannabis industry news

Manitoba’s cannabis retailers hit with six per cent tax

Cannabis retailers in Manitoba will be slapped with a six per cent levy to cover the province’s “social costs” of legalizing the drug. The Manitoba government plans to begin collecting the markup, which it defines as a “social responsibility fee,” this January, the province announced. The new revenue stream would ensure retailers share in the social costs of public education, safety, health and addictions, the provincial news release said.

CBC

Aberta hits pause on retail cannabis licensing

Alberta will temporarily stop issuing licences to sell cannabis and is rationing supply amid a countrywide marijuana shortage. Alberta Gaming, Liquor and Cannabis (AGLC) said Wednesday it had received just 20 per cent of the marijuana it had ordered from growers as of Nov. 17 − one month after the sale of recreational cannabis was legalized. Applicants will be allowed to withdraw and receive a full refund, it said.

Globe and Mail (Subscription required) – Vancouver Sun

New Development

Reimagining SPACE to revitalize Quebec property

Mayor Georges Bourelle and council members announced an important project entitled Reimagining SPACE to revitalize Centennial Park, its cultural centre and the adjacent property, the Lord Reading Yacht Club, in order to meet current and future needs for cultural and community services in a quality environment. The revitalization project seeks to review the development of the properties, enhance waterfront access and imagine a multi-purpose centre.

Canada Newswire

Hamilton designers helping to bring El Mocambo back to life

A Toronto cultural icon that has hosted the likes of The Rolling Stones and U2 is finally making a comeback — and a group of designers from Hamilton are on the ground floor. The Laundry Design Works is working with current club owner Michael Wekerle on the El Mocambo’s redesign, with an eye for a soft launch reopening next spring.

CBC

Other

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