Dream Global buys offices, industrial in The Netherlands

Dream Global buys offices, industrial in The Netherlands

Dream Global REIT has entered into a binding agreement to make a “transformational” C$903-million purchase of 135 office and light industrial properties in The Netherlands. The Dutch properties are operated under the name Merin, Dream says in a release issued Monday night. The portfolio has been owned by TPG Real Estate, TPG Sixth Street Partners and Patron Capital Partners.

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Devimco begins construction of Montreal’s L’Hexagone 2

Construction has begun on L’Hexagone 2, Devimco’s second residential rental project in Montreal’s Griffintown neighbourhood. The 22-storey building is part of Devimco’s District Griffin project, which is mostly comprised of condominiums in the former industrial neighbourhood south of downtown. The building will be next to the original 15-storey L’Hexagone which has 257 rental apartments.

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Property tax management deserves more attention

More than $9 billion worth of commercial real estate assets in Canada could underperform due to reactive property tax management, according to a new study. “Many firms view their property tax expenses as a fixed cost and are therefore reluctant to invest the required resources to manage the expense unless they get into a crisis situation…” said Terry Bishop, Altus Group’s president of property tax for Canada.

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Crombie REIT has plans for its new Toronto retail site

Crombie Real Estate Investment Trust (TSX: CRR.UN) is eyeing adding a “significant” residential component to its most recent purchase, a $42-million strip plaza on McCowan Road in Toronto. The REIT announced Thursday it has closed on 1215-1255 McCowan Road, the McCowan Square. The site includes 4.5 acres of land next to the McCowan TTC Station.

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Ivanhoé buys U.S.-based Evergreen Industrial

Ivanhoé Cambridge has completed the acquisition of U.S.-based light industrial specialist Evergreen Industrial Properties from TPG Real Estate. A person familiar with the transaction told the Globe and Mail the purchase price was approximately $1 billion US.

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Long live record stores: Sunrise rises from HMV’s ashes

The Buggles famously sang “Video Killed the Radio Star” but streaming hasn’t quite put the final nail in the bricks and mortar music business just yet. It looked like the end was near when HMV Canada announced it would closing all its stores, but homegrown Sunrise Records has stepped up to fill the musical consumer gap.

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Six months ago: Choice Properties to redevelop Golden Mile site

Choice Properties Real Estate Investment Trust has unveiled a long-term plan to revitalize and redevelop its Golden Mile Shopping Centre in Toronto. “One of Choice Properties’ main avenues of growth and value creation is to invest in its properties to add value and improve usage,” said vice-president of investor relations and business intelligence Kim Lee.

Property Biz Canada

One year ago: Plaza, RioCan form joint venture to redevelop malls

RioCan Real Estate Investment Trust has sold a 50-per-cent managing interest in three shopping centres to Plaza Retail REIT to forge a joint venture focused on redeveloping the properties. “We’re a growth-oriented REIT looking to develop and redevelop assets,” said Plaza president and CEO Michael Zakuta.

Property Biz Canada

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