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PSP Investments, AIMCo JV with Starlight on $1.3B venture
PSP Investments, AIMCo JV with Starlight on $1.3B venture
Starlight Investments announced Tuesday morning it is partnering with the Public Sector Pension Investment Board and the Alberta Investment Management Corporation on a program to purchase US$1.3 billion of American residential properties. The partnership also has made its first purchase, Parkhouse Apartment Homes in Denver. The 465-unit, class-A, garden style, multi-family property is newly constructed and located in one of the five target markets.
Shared office space, co-working major growth trends
Shared office space could account for 20 per cent of the overall office market in Canada within the next decade, according to a new Cresa study. “There are two distinct markets,” said Cresa senior vice-president Ross Moore, who co-authored the study with research analyst Sheldon Dobsi. “There are the big companies that are looking for temporary space for whatever reason, and startups.”
Rohit Group homebuilders move into Calgary, Regina
An Edmonton-based homebuilder, which recently launched operations in Calgary, is planning to double the number of homes it builds each year and plans to become the Costco of real estate as it expands into the commercial market. Rohit Gupta, president of the Rohit Group of Companies which also builds homes in Fort McMurray and Regina, says the company believes it will be producing about 750 to 850 housing units a year by the end of 2019.
PROREIT buys two-building Montreal commercial site
PROREIT is purchasing a two-building, commercial mixed-use complex in Montreal and intends to “exploit fully” the development potential for excess space on the 332,206 square foot site.
The $8.65 million purchase price represents a going-in capitalization rate of 6.3 per cent. PROREIT believes there is potential for further increases once the property is fully leased and further developed. It is currently 67.5 per cent leased.
Legalized marijuana big concern for multi-res owners
Even if provincial governments ban tenants from growing marijuana plants in their homes – in the face of proposed federal government legislation that will make it legal to do so – marijuana legalization in Canada will create a host of other problems, say associations representing multi-res owners. Under the federal Cannabis Act adults would be allowed to grow as many as four cannabis plants as high as 100 cms in their homes for personal consumption.
Six months ago: Crombie REIT wants to be multi-family player
Crombie REIT is best known as a retail-focused landlord with 280 commercial properties and an enterprise value of $4.8 billion. Its portfolio largely consists of shopping centres and freestanding stores, but President and CEO Don Clow wants to make better use of many of those properties.
One year ago: Vancouver’s Concert Properties a developing story
Concert Properties, which has evolved over its 27-history from a residential developer to a diversified real estate owner and operator, this month announced the completion of its CREC Commercial Fund LP. The $1-billion-plus, open-ended limited partnership fund currently consists of 60 properties across Canada that total over 7.6 million square feet, with the intention to further expand the platform.
| Property Biz Canada, Tuesday, October 3, 2017 |
| RioCan to sell $2B in property, focus on major markets Property Biz Canada, October 3, 2017 |
| World’s tallest Passive House towers planned in Vancouver Property Biz Canada, October 3, 2017 |
| Vancouver tech sector needs boost to reach critical mass Property Biz Canada, October 3, 2017 |
| Broccolini begins building new Montreal CBC HQ Property Biz Canada, October 3, 2017 |
| Carbon tax: Pain can bring opportunity, if we’re smart Property Biz Canada, October 3, 2017 |
| Six months ago: Starlight buys stake in Mississauga property Property Biz Canada, October 3, 2017 |
| One year ago: CIBC’s Avery a pessimist on Calgary office market Property Biz Canada, October 3, 2017 |
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