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Recent Articles

Dream Impact to buy $378M in multires, adds 2 partners

3 years ago

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Dream Impact Trust (MPCT-UN-T) has agreements to pay $378 million to acquire over 900 multifamily residential units in Toronto through a series of transactions. It also announced a $30-million investment by Fairfax Financial Holdings Ltd. and a partnership with BlackTusk Group.

RENX   •   • 

The recent sale of 100 units at 2 Burrard Place might be the sign developers have been searching for, after four dark years of cancelled and delayed downtown Vancouver presale launches.

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Anthem Properties has proposed a 66-storey, 692-foot tower north of Burnaby’s Metropolis at Metrotown shopping mall. The tower would include 645 homes of mixed tenure, including 372 condominium homes, in addition to 144,070 square feet of office space and 4,882 square feet of retail.

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Toronto’s race to space long ago left the orbit of the financial district and is now firmly rooted in the residential realm with Mizrahi Developments and Pinnacle building along Yonge Street what are expected to be the city’s tallest skyscrapers.

Romspen

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Brookfield Asset Management (BAM-A-T) plans to launch its own private real estate investment trust after taking over the management of a portfolio of properties currently overseen by subsidiary Oaktree Capital Management (OAK-A-N). Oaktree REIT has $478 million in total assets.

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Artis REIT (AX-UN-T) announced the closing of 26 of the 28 properties included in its GTA industrial portfolio sale. The sale generated gross proceeds of $696.7 million. The remaining two properties are expected to close in Q3 and generate gross proceeds of $53.3 million.

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After getting heavily battered during the pandemic, Canada’s commercial real estate market is slowly regaining its financial footing, though its recovery will remain patchy and somewhat protracted, analysts from DBRS Morningstar said in a new report.

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Ontario’s Auditor-General is investigating the Progressive Conservative government’s sweeping changes to the province’s land-use planning policies in a value-for-money audit, with a report expected by the end of the year. The probe’s scope appears to include ministerial zoning orders.

Fengate

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Canadian Net REIT (NET-UN-X), formerly Fronsac REIT, has waived conditions on the acquisition of a single-tenant IGA grocery store property on Wilfrid-Hamel Boulevard in Quebec City for a purchase price of approximately $6.2 million.

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Shares of Alimentation Couche-Tard (ATD-B-T) rose more than five per cent to a record high after upgrades by several analysts following the convenience store retailer’s investor day presentation. The Quebec-based company’s class-B shares reached $49.22 early Thursday.

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The accompanying tables shows the top 10 major upcoming Alberta and British Columbia construction projects in Canada. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.

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Greg Draper, MNP: Money laundering in commercial real estate, CRE Library: Episode 52
Amy Erixon, Avison Young: ESG leadership and trends: REALtalk: Episode 26
Barry LePatner, LePatner & Associates LLP: How construction industry can move forward, The Construction Record – Episode 127

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OPINION: CPP Investments‘ $1 billion investment in India’s Flipkart Group this week is something of a statement that the investment manager is still keen on and active in Asia despite recent geopolitical unrest and controversy, particularly over its investments in China.

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Brookfield Properties has completed a $263.5 million ground sale-leaseback transaction within the Spring District, a 36-acre mixed-use development in Bellevue, Wash. Brookfield Properties purchased Block 16 and Block 24, the two office buildings on the sites, for a combined $565 million.

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Google software engineers reported something in a recent survey that surprised higher-ups: they felt as productive working from home as they did before the pandemic. However, Google is sticking with plans to bring most employees back to offices this fall.

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A plethora of empty space already outfitted with kitchen appliances and a chance to take advantage of historically low rents is driving restaurateurs to sign fresh leases across New York City, according to CBRE.

Real Estate Forums

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The number of condominium apartment rental transactions in Q2 2021 was more than double year-over-year, according to the Toronto Regional Real Estate Board. The number of rentals was also up compared to Q1 2021 by 13.3 per cent.

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Canada Mortgage and Housing Corp. says the annual pace of housing starts slowed in June. The national housing agency says the seasonally adjusted annual rate of housing starts fell 1.5 per cent to 282,070 units in June compared with 286,296 in May.

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Some Canadian homeowners are finding a new clause in their insurance policies when they go to renew — they’re not covered if someone sues them for catching an infectious disease such as COVID-19 on their property.

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The shortage of affordable housing inventory forced more prospective homebuyers into the rental market in June, driving the U.S. median rent price to a high of $1,575, an 8.1% increase year-over-year, according to the Realtor.com Monthly Rental Report released today.

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