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Presenting: RENX's Top-20 CRE stories of 2022
1: Inflation, interest rates and the impact on CRE
Interest rates and economic uncertainty dominated headlines in 2022, stifling transaction and development activity and creating big demand for insights from economists such as Benjamin Tal and others. The three articles linked here offer snapshots from different parts of 2022.
2: Feds accelerate plan to shed millions of sq. ft. of office
The federal government accelerated plans to reduce its office footprint, and is compiling a list iof properties for redevelopment / divestment. One positive for building owners with federal tenants: workers will be expected back in their offices 2-3 days per week.
3: Dream, Singapore's GIC to acquire Summit Ind. for $5.9B
Dream Industrial REIT (DIR-UN-T) and Singapore-based investment manager GIC formed a joint venture to acquire Summit Industrial Income REIT (SMU-UN-T) – valuing the trust at approximately $5.9 billion. The deal now has Summit unitholder and court approvals.
4: Oxford, CPP sell T.O.’s Royal Bank Plaza for $1.2B-plus
Amancio Ortega, the billionaire behind the Zara clothing chain, acquired Toronto’s Royal Bank Plaza skyscraper from Oxford Properties and CPP Investments for about $1.2 billion.
5: Allied buys 6 office buildings from Choice for $794M
Allied Properties REIT (AP-UN-T) agreed to acquire six office properties comprising about 1.2 million square feet from Choice Properties REIT (CHP-UN-T) for $794 million. Three of the buildings are in Toronto, one is in Montreal, two are in Vancouver.
6: London’s iconic Cherryhill Village sells for record $571M
One of Canada’s most iconic apartment and mixed-use communities, the Cherryhill Village in London, Ont., was sold in a record-setting $571-million transaction. Ottawa-based Minto, KingSett Capital and a private partner sold the community to Toronto’s Park Property Management.
7: Crestpoint buys Canada’s largest fulfillment centre
Crestpoint Real Estate Investments Ltd., acquired the largest fulfillment centre ever completed in Canada, the multi-level 2.8-million-square-foot Amazon facility in the south end of Ottawa.
8: H&R spins off Primaris into separate retail-focused REIT
“It’s a little surreal, I’d have to say, but it’s good,” is how Primaris REIT CEO Alex Avery described his feelings after the trust was spun off by H&R REIT (HR-UN-T) as an independent, publicly traded entity entering 2022.
9: Smith Financial to acquire Home Capital for $1.7B
A company controlled by billionaire financier Stephen Smith reached a deal in November to acquire alternative mortgage lender Home Capital Group Inc. (HCG-T) for $44 per share in cash, for a purchase price of nearly $1.7 billion.
10: Blackstone, Pure acquire 1.5M-sq.-ft. Toronto ind. portfolio
Blackstone Real Estate (BX-N) continued to expand into Canada, including this $400 million, six-building GTA industrial portfolio, comprising 1.5M square feet. The global giant also opened a Canadian office and acquired two Montreal office buildings for $230 million.
After tough 2022, REITs poised for 2023 rebound: Hazelview
Fund managers globally have been left battered and bruised by the triple storm that swept across the economic landscape this year. However, there is hope for a rebound in 2023, according to Hazelview Investments.
Lineage Logistics buys cold-chain firm VersaCold
VersaCold Logistics Services, one of Canada’s largest cold-chain logistics and distribution networks, was sold to U.S.-based Lineage Logistics by TorQuest Partners, Investment Management Corporation of Ontario (IMCO) and OPTrust, which had acquired the company two years ago.
Solmar sells $500M worth of GTA industrial land to Prologis
A 198-acre tract of industrial development land in a prime logistics node in the Greater Toronto Area Town of Caledon sold in a nearly-$500-million transaction by Solmar Development Corp. to Prologis.
PROREIT, Crestpoint form $455M industrial JV
PROREIT (PRV-UN-T) and Crestpoint Real Estate Investments Ltd. have created a joint venture involving $455 million of mainly industrial properties, including a $228-million portfolio in Burnside Industrial Park in Halifax.
Skyline buys $309M ind. portfolio in Calgary, Edmonton
Skyline Industrial REIT completed its largest-ever transaction, entered the City of Edmonton and expanded its holdings in Calgary with the acquisition of a $309-million portfolio comprising more than two million square feet of space.
RioCan plans colossal redev. at GTA’s Colossus Centre
RioCan REIT (REI-UN-T) unveiled ambitious long-term plans to redevelop its 61.7-acre Colossus Centre shopping centre in Vaughan with up to 25 towers and buildings, comprising over 10 million square feet of housing and retail.
Slate plans 12M sq. ft. of industrial on Hamilton Stelco land
Slate Asset Management invested $518 million to acquire 800 acres of industrial development land and buildings from Stelco in Hamilton, where it plans to develop up to 12 million square feet of new industrial.
Grosvenor buys 14-acre Vancouver Oakridge dev. site
Grosvenor acquired the high-profile, 14-acre former Oakridge Transit Centre in Vancouver, becoming the lead developer of a major mixed-use project designed to deliver 17 buildings and 1,630 new residential units.
Waterfront Toronto picks Dream, Great Gulf for Quayside dev.
A joint venture of Dream Unlimited and Great Gulf Group was selected to negotiate with Waterfront Toronto to develop the high-profile Quayside site in downtown Toronto. Among the proposals are the creation of a 3.4-million-square-foot project with five towers.
Panattoni, Manulife acquire 122 acres of Calgary ind. land
During a year when both industrial and land assets were in high demand, Edmonton-based developer Panattoni acquired a major development property in southeast Calgary – an example of the demand for such assets in all of Canada's major markets.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
Vancouver
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Edmonton Real Estate Forum
May 08 2024
Edmonton Convention Centre
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Land & Development Conference
May 28 2024
Metro Toronto Convention Centre
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Montreal Real Estate Forum
Jun 06 2024
Montreal
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Southwestern Ont. Real Estate Forum
Jun 13 2024
RBC Place London
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