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Recent Articles

Receiver selling London Applewood dev. project, land

2 years ago

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Two adjacent development sites in London, Ont., where Phase 1 of the 584-unit residential and retail Applewood Marketplace is nearing completion, have been put on the sale block by a court-appointed receiver.

RENX   •   • 

A new year-long study titled Building Opportunities: The Compelling Language of Real Estate Investment Trusts by global investment management firm Invesco found investors are impacted by certain words used to describe real estate investments.

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UPDATED WITH COLABOR MOVE: Foods distributor Colabor will lease new facilities at the Écoparc industrial campus in Saint-Bruno-de-Montarville in Greater Montreal. Shovels are in the ground for the 1.6-million-square foot project, by Montoni Group and Alberta Investment Management Co.

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The Harbour Centre complex at 555 West Hastings St. is already B.C.’s leading Internet connectivity hub. However, the data centre is about to get much bigger, with the construction of the Spencer Building Carrier Hotel, “a hotel for computers.”

Romspen

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For the third time, the Fonds immobilier de solidarité FTQ is partnering with Cloriacité on CLORIA Beloeil, a mixed-use development in suburban Montreal with 125 apartments on five floors and 10,000 square feet of commercial space. Delivery is slated for spring 2024.

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Three years after the Plaza Hotel was reduced to smouldering rubble, life is starting to stir at the downtown Victoria site. Vancouver-based Ocean Gate Developments has unveiled plans for a 150-room hotel and large outdoor public plaza on the site.

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On Thursday, the City of Kelowna announced plans for a new hotel located next to the airport’s terminal. The hotel’s name will be Sutton Place Kelowna. Design and development approval work will commence this year. The anticipated opening date is 2026.

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Fengate Asset Management is pushing forward its sustainability efforts on two fronts — an equity investment in building hygiene provider Inflector Environmental Services and the completion of BOMA BEST Gold certification for its 1.7-million-square-foot office portfolio.

Almore Capital

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Romspen Investment Corp., (RIC101.CF) one of Canada’s largest private debt managers, is restricting redemptions from its flagship real estate fund, as the North American mortgage market adjusts to a prolonged period of rising interest rates.

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The accompanying table records the 10 largest construction project starts in Canada in August 2022. Also included is the latest trend graph on starts. This looks at 12-month moving totals of the civil and non-residential building categories in Canada.

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True North Commercial (TNT-UN-T) yields an ultra-high 9.82%, while the dividend offer of Slate Office (SOT-UN-T) is 8.88%. Their dividend yields dwarf the 7% inflation rate last month.

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Michael Beckerman, CREtech, CREtech Climate: Tech and innovation in the built world, Tenant Experience Network
Shenoor Jadavji, Lotus Capital Corp.: Intelligent investing, CRE Podcast
Brendan Sweeney, Trillium Network for Advanced Manufacturing: EV sector could add $50B a year to Canadian economy, Down to Business

Gentai Capital

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Amazon is encouraging customer service employees at some U.S. call centres to work from home, signaling the company’s preference for remote work in certain roles that would help save money on real estate, according to sources.

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Franklin Templeton has signed a 347,474-square-foot, 15-year lease at One Madison Avenue, SL Green Realty Corp.’s (SLG-N) office development at 1 Madison Ave., in Manhattan’s Madison Square district. The company will occupy the entire 11th through 22nd floors.

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Grosvenor has appointed Avison Young to oversee leasing for four boutique office properties in downtown San Francisco. The Union Square portfolio has a total of 133,000 square feet of office and retail space, with individual buildings ranging between 24,785 and 44,442 square feet.

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Giant asset manager Blackstone used to target places where people worked and shopped. Then it started buying up people’s homes. In Denmark, the backlash was ferocious. “They picked totally the wrong place,” said Danish housing economist Curt Liliegreen.

Calgary Real Estate Forum

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The Canada Mortgage and Housing Corp. will soon release revised expectations for home price declines, which will be greater than the housing authority expected last summer, chief executive officer Romy Bowers said at a conference Thursday.

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Despite the recent decline in prices, housing is becoming less and less affordable for average-income households in Canada’s largest cities, according to the most recent report from the Parliamentary Budget Officer.

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For $80,000, one can own a 210-square-foot cellar at Vancouver House. Unit P-504 at 1480 Howe St, is located on the p5 level of a secure parkade. It’s a “blank canvas ready for your ideas,” according to the listing.

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The typical U.S. homebuyer’s monthly mortgage payment has climbed $337 (15 per cent) over the past six weeks to a new high of $2,547, according to a new report from real estate brokerage Redfin,

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