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Recent Articles

Regus parent files for creditor protection in Canada

4 years ago

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The world’s largest co-working office space provider has filed for creditor protection for many of its offices in Canada, exposing a weakness in the shared office business model. Swiss-based IWG PLC operates under the Regus and Spaces brands.

RENX   •   • 

Phantom Developments might not have a high profile, but the family-owned Toronto company is doing its part to redraw portions of the city’s skyline with its high-rise condo developments.

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Partners MONTONI, Groupe Sélection and the Fonds immobilier de solidarité FTQ announced professional services firm Deloitte will be a tenant in  Espace Montmorency, the largest mixed-use development project ever built in Laval. Deloitte’s 90 Laval employees will begin moving in early 2023.

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The City of Calgary was the first large municipality in Canada to provide developer surety bonds last year. This year, Edmonton began accepting development bonds for select servicing agreements. The concept is now migrating to smaller Alberta municipalities.

Marcus & Millichap

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Colliers International is selling a 55-acre property in Squamish, B.C., that includes the Quest University campus. The school and sports centre take up about 21 acres. The school, which opened in 2007, was forced to seek court protection in February.

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Bill Ackman approached Airbnb Inc. about a merger with his blank-cheque company Pershing Square Tontine Holdings Ltd., but the home-rental site rebuffed the billionaire investor and said it prefers a traditional IPO. However, Airbnb hasn’t completely ruled out a merger.

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Caisse de dépôt et placement du Québec (CDPQ) and DP World announced the expansion of their ports and terminals investment through a new commitment of US$4.5 billion, that will increase the total size of the platform to US$8.2 billion.

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Alimentation Couche-Tard Inc. (ATD-B-T) sees merger-and-acquisition activity picking up in the weeks ahead among convenience store players but the Canadian retail giant appears to be cooling to the idea of taking over Australian fuel supplier Ampol.

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Loblaw Companies Limited (L-T) has expanded its PC Chef meal kit direct-to-home delivery service in the GTA to include ready-to-make meals from Burger’s Priest, La Carnita, Fresh Restaurants, Fat Lamb Kouzina, General Assembly Pizza, Kinton Ramen and Sala Modern.

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Shutdowns during the COVID-19 pandemic led to a surge in online buying. Nearly 80 per cent of people reported buying something from Amazon in the past six months, according to a July survey of 1,350 Canadians by Solutions Research Group.

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Businesses in a Robson Street building who had been frustrated their landlord wouldn’t apply for the federal rent relief program say they were surprised by a sudden change of heart the morning of the application deadline.

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The commercial leading indicator (CLI) from the B.C. Real Estate Association (BCREA) plunged in the second quarter of 2020 to the second-lowest level since the financial crisis of 2009. The CLI fell to 121.9 from 127.6 in Q1, representing the fourth consecutive quarterly decline.

Canadian Apartment Investment Conference

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First Capital REIT (FCR-UN-T), a leading developer, owner and manager of mixed-use real estate in Canada, announced it has closed its offering, on a private placement basis, of $200 million aggregate principal amount of Series A senior unsecured debentures.

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Two major downtown San Jose projects, a new office and retail tower and the renovation and revamp of the Bank of Italy historic high-rise, are moving forward with construction efforts by Vancouver-based mega-developer Westbank and South Bay developer Gary Dillabough.

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Economists have mostly overlooked a looming COVID-19 threat to a large and consequential galaxy of businesses, one worth trillions of dollars a year in GDP and revolving around a single, much underappreciated economic actor — the white-collar office worker.

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Inveterate investor Sam Zell is orchestrating another major investment hunt with the formation of Equity Distribution Acquisition Corp., which has the sole purpose of acquiring companies that specialize in distribution technology.

Hersh Condos

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Canadian consumer debt pushed higher in the most recent quarter amid a strong recovery in the housing market and a slower payoff of existing mortgages. Total consumer debt climbed to $1.991 trillion in the second quarter, up 2.8 per cent year-over-year.

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Toronto’s housing market hit new record highs in August, with sales and prices spiking, as low mortgage rates fuelled competition for homes despite economic uncertainty brought on by the coronavirus pandemic, according to the Toronto Regional Real Estate Board (TRREB).

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71 The Bridle Path – at $32 million – is the most expensive home for sale in Toronto. It has been on the market for years. At more than 35,000 square feet, the nine-bedroom, 13-bathroom palace is nearly 50 times bigger than the average Toronto condo.

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The Fraser Valley Real Estate Board’s Multiple Listing Service (MLS) saw the second highest number of property sales and the highest number of new listings in August within the last two decades, when 2,298 sales were recorded in August 2005.

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