Montreal office buy perfect fit for Kevric’s strategy

RENX  Residential, Commercial  •  Office  •  Greater Montreal, Toronto / GTA

Kevric Real Estate Corp.’s acquisition of the 28-storey National Bank headquarters in Montreal fits its strategy perfectly of being an opportunistic investor in the downtown core, president Richard Hylands told RENX. “This one falls right into our pattern.”

Co-working to overtake tech as U.S. leasing driver

Commercial  •  CP Executive  •  CP Executive  •  WebProNews

Co-working will likely overtake the tech sector this year as the biggest driver of office leasing in the U.S., JLL anticipates in a recent market report, while major flexible office operators such as WeWork and Spaces continue their rampant expansion.

Caisse calls for sweeping change at SNC-Lavalin

Commercial  •  Globe and Mail  •  Montreal Gazette  •  Montreal Gazette

SNC-Lavalin Group Inc.’s biggest investor – Canadian pension fund manager Caisse de dépôt et placement du Québec – is calling on the embattled engineering firm to make sweeping changes to improve its project execution and prevent further losses that have slammed shareholders.

SNC failed technical scoring for Ottawa LRT bid

Commercial  •  CBC  •  CBC  •  Ottawa Citizen

Beleaguered SNC-Lavalin failed to reach the minimum 70 per cent technical score in bidding for the Trillium Line extension, but was still able to win the $1.6-billion light rail contract. The Montreal-based company, operating as TNext, scored only 67.27 per cent.

Artis retains advisors for strategic review

Commercial  •  Canada Newswire  •  RENX

Artis Real Estate Investment Trust (AX-UN-T) announced its board’s special committee has retained Citigroup Global Markets Inc. and Scotiabank to provide financial advisory services to the Committee in connection with Artis’ previously announced strategic alternatives review.

Questions remain about land by Calgary arena

Commercial  •  Calgary Herald

The new arena deal gives the Calgary Flames the chance to acquire a significant parcel of land in Victoria Park, but questions remain about what it could cost to clean up the site and who will be responsible for paying.

Value: Weighed and Measured › Boomers will continue to define housing market for decades

John Clark: Vice President , The Regional Group of Companies Inc

Waterfront Toronto can block Sidewalk Labs project

Commercial  •  Globe and Mail  •  RENX

Google affiliate Sidewalk Labs and development agency Waterfront Toronto have reached an agreement that would allow them to scrap Sidewalk’s plans for a high-tech Toronto neighbourhood by the end of October if concerns about the project aren’t resolved.

New life for Winnipeg’s former Masonic Temple

Commercial  •  CBC

The old Masonic Temple in downtown Winnipeg has sat empty for more than a decade, but after 15 years and extensive, expensive renovations, restaurateur Peter Ginakes says he is ready to breathe life into the iconic building constructed in 1895.

BMO moving out of historic Portage and Main location

Commercial  •  CBC  •  Winnipeg Free Press

The Bank of Montreal is moving out of its iconic Portage and Main location in Winnipeg. Regional vice-president Kristen Kennedy said the bank is moving into a renovated office tower at 201 Portage Ave., opposite from the bank’s current location.

Transat slams Group Mach bid as ‘abusive’

Commercial  •  Globe and Mail  •  Bloomberg

Transat AT Inc. (TRZ-T) is urging shareholders not to tender their shares to a hostile bidder, calling Group Mach’s attempt to block the Air Canada takeover “coercive” and “misleading.” Transat has agreed to a purchase by Air Canada worth $520 million.

Catalyst increases proposed number of HBC shares

Commercial  •  Canada Newswire  •  Globe and Mail (Sub. required)  •  Globe and Mail (Sub. required)

The Catalyst Capital Group announced it has amended its offer to purchase common shares of Hudson’s Bay Company (HBC-T) at a price of $10.11 per common share. The maximum number of shares to be purchased has been increased to 19,782,393.

Tim Hortons parent’s expansion pays off

Commercial  •  Reuters  •  Canada Newswire

Restaurant Brands International Inc.’s (QSR-T) quarterly profit beat analysts’ expectations Friday, as more diners visited its Burger King outlets, and investments in international expansion paid off. The Canada-based restaurant company owns Burger King, Tim Hortons, and Popeyes Louisiana Kitchen.

Revera acquires Miami office building for $8M

Commercial  •  The Real Deal  •  RENX

Mississauga-based Revera has acquired a Miami office building for $8.1 million US. Revera bought the three-storey, 25,011-square-foot building at 1000 Ponce De Leon Road in Miami for $323 per square foot, records show. Nor Peru Capital 2, LLC sold the property.

AHIP completes Embassy Suites renovations

Commercial  •  Canada Newswire  •  RENX

American Hotel Income Properties REIT (HOT-UN-T) announced it has completed approximately US$4.2 million of renovations at the Embassy Suites By Hilton Phoenix Tempe. In total, AHIP will renovate 10 hotels during 2019, including the four hotels already completed.

REOC second-quarter financial results

Commercial  • 

Brookfield Infrastructure, (BIP-UN-T), Globe Newswire

Land development economic engine for GTA: BILD

Residential  •  Toronto Star

This week, I’d like to highlight the benefits the building and land development sector brings to the GTA. When all of the data is unpacked, many people are surprised to learn our industry is an economic engine of the region.

Toronto home sales soar in July: TREB

Residential  •  CBC  •  Globe and Mail  •  Globe Newswire

Toronto home sales defied the normal summer lull to soar in July, outpacing even June sales levels as buyers are increasingly overcoming tougher mortgage-qualification rules and returning to the market, according to the Toronto Real Estate Board

Vancouver sees surge in rental project proposals

Residential  •  Globe and Mail

Vancouver, where the vast majority of rental housing in the region has been built in the past five years, is seeing an increase in the number of pitches for apartment projects from developers – including some who haven’t built rentals before.

Condo board fights short-term rentals in Dartmouth

Residential  •  CBC

Condo owners at The Anchorage in Dartmouth, N.S., are locked in a dispute with a prominent developer over short-term rentals at his Kings Wharf development.  The debate with Francis Fares over short-term rental listings is now subject to confidential arbitration.