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Recent Articles

Apartment investment is paying off for REITs

5 years ago

RENX   •   • 

Fundamentals for the apartment sector have never been stronger, with low vacancies across Canada and increasing interest from institutional investors and REITs. TD Securities director of investment banking David Bloomstone moderated a session on apartments with five executives at RealREIT.

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In the past few weeks, landlords have besieged Mark Goodman, a multi-family specialist with Vancouver’s Goodman Commercial Inc., wanting to list their properties for sale, including rare portfolios in Vancouver’s hottest rental neighbourhoods.

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Amazon (AMZN-Q) plans to open a new fulfillment centre in Scarborough that will bring more than 600 full-time jobs. The million-square-foot robotics facility, its 12th in Canada, is being developed by Broccolini in partnership with owner Manulife Investment Management.

RENX   •   • 

The commercial portion of the 69-storey Stantec Tower in Edmonton’s ICE District has been sold to German investor Deka Immobilien. The tower includes 29 floors of commercial space. SKY Residences (483 residential units on floors 30-66) are not included in the sale.

CMLS Commercial Mortgage Commentary Q2 2019

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WeWork co-founder Adam Neumann agreed Tuesday to resign as CEO and give up majority voting control, after SoftBank Group Corp. and other shareholders turned on him over a plunge in the U.S. office-sharing start-up’s estimated valuation.

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IWG Canada is broadening its network of co-working space beyond the Lower Mainland, with the opening of locations in Kelowna and Victoria. The company had initially opened a Regus-branded space in Kelowna at the Landmark business complex.

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London-based Farhi Holdings is embarking on one of the largest development projects in Windsor’s history, with seven condo/apartment buildings, plus commercial buildings and possibly a hotel on a long-vacant former industrial wasteland, according to sources.

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The one–time home of a meat packing plant and a former proposed site for the Winnipeg Blue Bombers’ stadium could become a mix of apartments, condos and commercial businesses, says a proposed plan from Calgary-headquartered Olexa Developments.

Centurion REIT

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Just four years after the Union Pearson Express started running, Metrolinx is planning an extensive and potentially costly overhaul of the airport rail link that could include major station renovations and scrapping the current fleet of trains.

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A major 400-series highway project proposed for the northwest end of Greater Toronto Area (GTA) that was shelved four years ago by the previous Liberal government has been revived by the Progressive Conservatives (PCs).

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Metro Inc. (MRU-T) has started construction on its $400-million semi-automated fresh distribution centre in Etobicoke, part of a larger expansion effort that will also include a new frozen foods facility on the same site.

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Saskatoon city hall has identified locations and is securing potential properties for a downtown entertainment district where a new arena and convention centre could be built.

Matrix360

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The Nova Scotia government is footing the bill to remove a fallen crane from a downtown Halifax building but it will look to be reimbursed once it’s done. Who will repay the province has yet to be determined.

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Caesars Entertainment is selling the Rio All-Suite Hotel & Casino for $516.3 million to an affiliate of Imperial Cos. in the second recent major casino transaction. VICI Properties and Hard Rock International earlier finalized their $745-million acquisition of the JACK Cincinnati Casino.

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With this past week’s strong performance, with gains of 25% so far this year, the broad-based REIT ETFs – as measured by Vanguard Real Estate ETF and iShares U.S. Real Estate ETF – continue to outperform the S&P 500, which has climbed roughly 20%.

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As thousands of women prepare to fly to the Commercial Real Estate Women Network’s annual convention in Orlando this week, the organization dedicated to the advancement of women in the industry says addressing sexual harassment in the workplace isn’t part of its mission.

BOMA

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Three groups of developers that had planned to build homes in what’s now slated to become a 3,000-hectare park are suing the City of Montreal and other municipal players for more than $175 million, for what they describe as “disguised expropriation.”

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The tortured saga of years-delayed The Academy Toronto condominium project by LeMine Investment Group, appears to be finally coming to an end. The plans for the 26-storey, 339-unit building have languished since 2014.

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Mayor John Tory’s signature affordable housing plan is moving forward after the city’s realty agency signed off on business cases for four sites, the details of which are being kept from the public.

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Emboldened consumer confidence and solid economic fundamentals in Canada’s largest housing market position the Greater Toronto Area (GTA) to lead Canadian top-tier real estate performance this fall, according to Sotheby’s International Realty Canada.

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