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Recent Articles

Will development remain key growth strategy for REITs?

4 years ago

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Development has been a key growth strategy for many real estate investment trusts over the past decade, but will that continue during the next 10 years? That was the theme of a five-person panel discussion Wednesday during RealREIT.

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VIDEO: CAPREIT (CAR-UN-T) president and CEO Mark Kenney says that despite vacancies in apartment real estate, transaction volumes are high and the valuations are even higher, adding that the rent freeze would have very little effect on the balance sheet.

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Marriot Hotels, which has been on a branding and building blitz in Western Canada the last two years, has suffered the worst market capitalization decline among the world’s five largest hotel chains. Its market cap plunged 31 per cent since January.

RENX   •   • 

A recent initiative by Vancouver council to exempt retractable glass balcony enclosures from floor space ratio (FSR) calculation would be a benefit both to developers and manufacturers, says the CEO of Lumon Canada Inc.

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Construction of York University’s Markham Centre Campus is officially underway. The ground-breaking for the $275.5-million project, expected to open in fall 2023, was held Sept. 22. The 10-storey, 400,000-square-foot campus building was designed by Diamond Schmitt Architects.

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Between 2009 and 2017, Ontario-based Fortress Real Properties and Fortress Real Developments enticed 14,000 retail investors to pour nearly $1 billion into syndicated mortgages for Fortress-promoted CRE  projects, several of which never made it to completion, hobbled by huge fees and high commissions.

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An Ontario judge has ordered the assets of Toronto-area developer Moninder Khudal to be frozen, ruling Khudal appears to have perpetrated an investment scheme against “his own community for personal enrichment.” More than 80 families have launched a $38-million lawsuit against Khudal.

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Award-winning Canadian company Greyter Water Systems is collecting shower and bathwater — also known as grey water – along with rainwater and other sources to recycle for flushing toilets, all in the name of preserving a precious resource.

ICS Facilities Services

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CLV Group and InterRent REIT (IIP-UN-T) announced the launch new cleaning and safety program CLV Clean & Secure. The program includes industry-leading products like the Victory Innovations Electrostatic Sprayer in addition to high-frequency cleaning protocols in all common spaces.

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Montreal-based International Air Transport Association wants governments to pay for systematic COVID-19 testing of all international passengers before departure — a move the group says would bolster air travel by removing the need for compulsory quarantine upon arrival.

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Walmart Inc. (WMT-N) said on Tuesday it would run a pilot project in north Las Vegas to deliver self-collection test kits for coronavirus through automated drones at customers’ doorsteps. Walmart has partnered with Quest Diagnostics and drone services provider DroneUp.

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DavidsTea Inc. (DTEA-Q) swung to a $2.6-million profit in its latest quarter despite a 41 per cent decrease in sales during COVID-19 store closings. The insolvent Montreal-based beverage company says it earned 10 cents per diluted share for the period ended Aug. 1.

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PGIM Real Estate has acquired a 30-property U.S. industrial portfolio for $700 million, in a deal which reflects the manager’s continuous commitment to the sector. The 5.4-million-square-foot portfolio was acquired in partnership with Perlmutter Investment Company’s IAC Properties.

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Preferred Apartment Communities, Inc. (APTS-N) announced it has entered into an agreement to sell its student housing portfolio  to TPG Real Estate Partners  for $478.7 million. The transaction is expected to close in the Q4 2020 and was marketed by CBRE.

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Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, announced the acquisition of a minority interest in Colisée Group. Paris-headquartered Colisée operates more than 270 nursing home facilities as well as home care services agencies in Europe.

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The details of what a post-coronavirus senior living landscape resembles remain cloudy, but the pandemic laid bare the need for the space to evolve faster, according to executives from National Health Investors (NHI-N), Ventas (VTR-N), and ReNew REIT.

Hersh Condos

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Airbnb is launching a new program for cities and tourist organizations aimed at helping them ensure compliance with local rules. Vancouver and Calgary are among the 10 North American cities included in the new portal.

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The pandemic will punish Prairie house prices the most in Canada, but even hotspots Toronto and Vancouver will see prices drop on the back of rising rental market vacancies and lower immigration rates, according to a new Moody’s Analytics report.

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Windsor realtors are calling for new government policies, including “opportunity zones” and a land transfer tax holiday, as part of a policy report, called Rebuilding Ontario: A Framework for Recovery, recently released by the Ontario Real Estate Association (OREA).

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Calgary realtor Shaukat Hayat just had his busiest summer ever. “During the pandemic people realize the value of a property, value of a house while they were staying inside,” said Hayat, who has been in the industry since 2006.

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