2014 record year for Winnipeg investments
It was a record-smashing year for sales of investment properties in Winnipeg in 2014. Preliminary year-end numbers compiled by Colliers International show nearly $1 billion worth of properties — $972 million to be exact — changed hands last year in the city.
Hotel Viger jewel in plan to revive eastern Old Montreal
A long-neglected part of Old Montreal could rise again with a $250-million development project to restore the grand château-style Gare-hôtel Viger and develop almost seven acres of the old city. In a three-phase project in eastern Old Montreal, new buildings will also house condos, rental units, shops, markets and offices, covering more than a million square feet.
Landmark restoration a generational affair for the Kerrs
Jane Kerr literally grew up in the real estate business as her parents, John and Oreal, started out buying and redeveloping inner city properties in Calgary. For the early years of her adult life it appeared that she was not destined for a career in the real estate game. She became a veterinarian and moved to New York to practise her trade.
Edmonton’s renovated Federal Building finally unveiled
Years overdue and $50 million over budget, the public is finally getting a look inside Edmonton’s newly renovated Federal Building. The building, once home the controversial ‘skypalace’ penthouse planned for former premier Alison Redford, will house offices for MLAs and Alberta government staff.
RED Talks bringing top international realtors to speak in Vancouver
The inaugural RED Talks, a moderated panel discussion featuring some of the biggest names in international real estate, will be held at the Vancouver Playhouse at 5 p.m. on Feb. 12. This first event of its kind in Vancouver was inspired by TED Talks but there’s no affiliation between the two.
Boardwalk REIT another oil casualty
It’s a rarity in the analyst world, but Canadian Imperial Bank of Commerce has slapped what is effectively a sell recommendation on Calgary-based Boardwalk Real Estate Investment Trust. Analyst Alex Avery said Boardwalk, with a heavy concentration of apartments in Alberta, could be hit hard by low oil production, which will impact rental rates in its portfolio.
Three pivotal moments defined Cominar REIT
In real estate, you should hope for the best, but plan for the worst. So says Michel Dallaire, president and CEO of Cominar REIT, now the third-largest diversified REIT in Canada and the largest commercial property owner in Quebec, with more than $8.2 billion in assets. Cominar has 563 office, retail, industrial and mixed-use properties in Quebec and Ontario and Atlantic and Western Canada.
U.S. REITs save the day
It might seem odd the chief executive of a REIT based in the southern United States likes the climate in Canada. Robert Landin is talking about the business climate and health of Canada’s equity markets. Landin is chief executive of Milestone Apartments REIT, which first tapped into Canadian equity markets with a $200-million initial public offering in 2013.
BOMA ‘Icon of Industry’ puts priority on people
Even though he runs one of the largest real estate companies in the country, with more than $14.5 billion worth of assets, Michael Cooper never really considered himself an icon of the industry. The CEO of Toronto-based Dream Unlimited Corporation said he was surprised when BOMA Ottawa asked him to be its “Icon of our Industry” for 2014.
Purdy’s Wharf receives LEED EB:O&M certification
Halifax’s Purdy’s Wharf has become the first commercial property in Atlantic Canada to be given a LEED designation in the Existing Building: Operations & Maintenance category by the Canada Green Building Council.
HOOPP acquires Ivanhoé interests in Devonshire, Quinte Malls
The Healthcare of Ontario Pension Plan (HOOPP) and Ivanhoé Cambridge announced today the conclusion of an agreement for the acquisition by HOOPP of Ivanhoé Cambridge’s remaining 50% interest in two Ontario shopping centres, Quinte Mall in Belleville and Devonshire Mall in Windsor, for approximately $240 million.
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Algonquin launches cutting-edge construction research facility
The business of construction is going high-tech at a new Algonquin College research facility. The Ottawa-based college officially launched its Construction Research Centre on Friday, a multimillion-dollar project designed to give students practical experience using the latest building and design equipment.
What new McDonald’s CEO needs to fix
With lacklustre sales, falling profit and its share price lagging the market, Steve Easterbrook is inheriting a turnaround project at McDonald’s Corp. analysts say will take time to execute, but investors aren’t hesitating to throw their support behind the fast food chain’s new chief executive officer.
Gazit Brasil acquires majority of Mais Shopping
Gazit-Globe, one of the world’s leading multi-national real estate companies focused on the acquisition, development and redevelopment of supermarket-anchored shopping centres in major urban markets, announced today its wholly owned subsidiary, Gazit Brasil Ltda., has purchased 60% ownership of Mais Shopping in the city of Sao Paulo, for approximately US$ 46 million.
CPPIP to invest in Australian infrastructure
The Canada Pension Plan Investment Board (CPPIB) announced it will invest $518 million Cdn in the Australian infrastructure sector. A consortium comprising CPPIB, Transurban Group and Queensland Investment Corporation (QIC), will build and operate a new tolled tunnel motorway located northwest of Sydney. CPPIB’s investment represents a 25% ownership interest.
|Real Estate Forums 2015 – Winter / Spring Program|
|Quebec Apartment Investment Conference||Montreal||February 10, 2015
|RealCapital||Toronto||February 24, 2015
|Montreal Real Estate Forum||Montreal||March 31, 2015
|Vancouver Real Estate Forum||Vancouver||April 9, 2015|
|Saskatchewan Real Estate Forum||Saskatoon||April 28, 2015|
|Green Real Estate Forum||Toronto||April 23, 2015|
|Edmonton Real Estate Forum||Edmonton||May 14, 2015|
|Land and Development Conference||Toronto||June 16, 2015|
|Calgary Real Estate Leasing Conference||Calgary||June 2, 2015|
|Atlantic Real Estate Forum||Halifax||June 9, 2015|
Read more on RENX.ca for: Commercial »
Exploring Montreal’s economic decline
Over the last decade, Montreal’s economy grew by an average of just 1.5 per cent — the lowest rate among Canada’s major cities. The bad news doesn’t stop there. Montreal is living through a period of crumbling infrastructure, widespread corruption, failed governance, inadequate fiscal power, low private investment, an exodus of head offices and an outflow of people.
New rules won’t bring beer to corner stores: Wynne
Premier Kathleen Wynne says Ontario will not allow beer sales in corner stores when the government changes the rules on the retailing of alcohol this spring. Wynne says changes are coming to the way beer, wine and spirits are sold once a review is completed of the Liquor Control Board of Ontario and its relationship with the Beer Store and wine retailers.
Hyatt, Marriott join race to woo millennials
With millennial choices holding such a large sway over the economy, it’s not surprising that hotel chains have joined the rush of industries trying to crack the code and appeal to the cohort roughly defined as anyone born between the early 1980s and the early 2000s.
A recharge for Orange County industrial
Orange County commercial real estate is experiencing a resurgence. Currently, 96 of every 100 industrial buildings are occupied in Orange County. This is one of the lowest vacancy rates that I can recall since they were first computed back in the mid-’80s.
Irving Oil, TransCanada buying N.B. real estate
Irving Oil Ltd. and TransCanada Corp. have both been active in the real estate market in New Brunswick’s Red Head area in recent weeks. Irving Oil-associated companies already own well over 1,000 hectares in the area around Canaport where oil and liquefied natural gas terminals are located.
St. John’s to auction off 20 vacant properties
The City of St. John’s plans to auction off 20 properties, with starting prices at just a fraction of their valued worth. Bidding starts later this month for houses and land in the city with overdue property taxes. Coun. Danny Breen said the city only auctions commercial and rental properties — and not owner-occupied homes.
Holloway announces acquisition of Whitehorse hotel
Holloway Lodging Corp. announced it has acquired the Ramada hotel located in Whitehorse, Yukon for a purchase price of $8.2 million. The purchase price implies a cap rate of 11.5 per cent based on estimated net operating income for the first year following acquisition. Concurrent with the closing of the acquisition, the hotel has been rebranded as a Days Inn.
Peterborough golf course selling land to developer
Kawartha Golf and Country Club has a tentative deal to sell 22.54 acres of land to fund its revitalization plan. KGCC president Steve Stanlick said the club has accepted an offer to purchase from Peterborough-based Navigator Guiding Real Estate Development.
Two reasons to buy FAM REIT
REITs have not thrived since investors started to fret about rising interest rates a year and a half ago. FAM Real Estate Investment Trust has fared even worse thanks to a controversial decision by its board of trustees. But there are two reasons to buy this little-known REIT, which offers investors a safe yield and the prospect of a decent capital gain.
Calloway announces senior unsecured debenture issue
Calloway Real Estate Investment Trust announced it has agreed to issue $160 million principal amount of Series N senior unsecured debentures on a bought deal basis. These debentures will carry a coupon rate of 3.556% and will mature on Feb. 6. 2025.
Allied announces closing of credit facility
Allied Properties REIT announced it has closed a $200 million unsecured revolving credit facility with a Canadian chartered bank for a term of three years to replace Allied’s current $100 million secured credit facility. The credit facility also contains a feature that would allow Allied to increase the facility to up to $300 million.
U.S. REITs poised to fall
After outpacing the S&P 500 Index for the duration of the bull market, U.S. real estate investment trusts may be getting ahead of themselves. Among 172 REITs in the Russell 3000 Index with at least five analyst ratings, 76 are trading at prices above analysts’ average targets, according to data compiled by Bloomberg.
Saputo completes sale of bakery division
Saputo Inc. today completed the transaction announced on Dec. 18, and sold Saputo Bakery Inc., its bakery division, to Canada Bread Company, Limited, a subsidiary of Grupo Bimbo S.A.B. de C.V. The selling price of $120 million on a debt-free basis was received in cash at closing.
Bureau en Gros to shut two Montreal stores
The difficult retail climate is about to shutter two more Montreal stores. This time, the office-supply chain Bureau en Gros/Staples is the one in retrenchment mode. The company’s Canadian head office confirmed that two Montreal locations — the Faubourg store on Ste. Catherine St. W. and another at 6800 Jean Talon Blvd. E. — will be closing.
Amazon.com Inc sales climb in holiday quarter
Amazon.com Inc reported stronger than expected earnings on Thursday as North American sales surged during the crucial holiday quarter, sending its shares up nine per cent. The online commerce giant, which gets about a third of its revenue from October to December, reported earnings of 45 cents a share, trouncing Wall Street’s average prediction for 17 cents.
Eddie Bauer opens new flagship store in Whistler
Eddie Bauer Thursday announced the opening of a new store location in the heart of Whistler Village, B.C. “Whistler receives over two million visitors each year who embrace a variety of outdoor adventures from skiing and hiking to biking and fishing,” says Eddie Bauer CEO Mike Egeck. The new 2,537-squar- foot store will offer premium outdoor products curated for each season.
Montreal blocks project to open Islamic community centre
The Islamic community centre that controversial imam Hamza Chaoui had hoped to open in east Montreal will not see the light of day, local officials said. Real Menard, mayor of the Mercier-Hochelaga-Maisonneuve borough, told a news conference Saturday he would not grant Chaoui an operating licence to open a centre in the neighbourhood.
Earthquake-resistant steel supports B.C. art museum
When the privately funded Audain Art museum in Whistler, B.C., is open in October, it won’t be just the artists and their patrons receiving accolades. Also taking bows will be the designers and builders of the arc shaped steel structure which touches the ground in just six places and cantilevers in all directions from the foundations.
National Music Centre in Calgary carefully performed
For Hamilton-based Walters Inc., fabricating, delivering, and then erecting about 1,200 tonnes of steel in a seven-month period at Calgary’s new $168-million National Music Centre was as challenging as the facility is innovative and awe-inspiring.
Park Avenue getting a new skyscraper
Sometime next week, a metal frame will go up around the blocky brick tower at Manhattan’s 425 Park Ave., designed to protect pedestrians from falling objects. It’s a prelude to the building’s demise. In about three years, if all goes according to plan, the site will have a new Norman Foster-designed skyscraper more than twice the height of the existing one.
Other projects delayed, but golf course rebuild still on
Plummeting oil prices have spurred the Alberta government to indefinitely delay a new cancer centre and warn of challenging times ahead, but a controversial $18-million rebuild of a flood-ravaged Kananaskis golf course will continue as planned. All but four holes at the 36-hole, government-owned, privately-operated Kananaskis Country Golf Course were damaged by raging waters.
Mont Cascades owner plans for major expansiobn
The owner of the Mont Cascades ski resort in west Quebec plans to expand the facility on all sides of the mountain to become a mini Mont-Tremblant in five to 10 years. Mont Cascades in Cantley opened to skiers in 1971 and it also operates an outdoor waterslide park during the summer.
Will project save Victoria’s Government Street?
The $40-million project that developer Stan Sipos has planned for the base of Government Street’s retail zone is not the cure for the street’s current woes. But he believes it is a big part of the solution to a string of vacancies and business closings.
Shipping containers find new life as hotel
Since December, visitors to Sioux Lookout, in northwestern Ontario, have been checking into a brand new hotel, made of old shipping containers — a reused material that’s becoming more common in the building world. “This hotel is actually the largest shipping-container-based hotel in North America,” said Joseph Kiss, president of Ladacor, the Calgary-based company that built the hotel.
Royal B.C. Museum opts for entryway nip and tuck
Flushed with success from last year’s Vikings exhibit, the Royal B.C. Museum is treating itself to a quick facelift before hopefully striking gold again this summer. The museum plans to spend $200,000 over the next few months remodelling its lobby and improving its landscaping.
Calgary’s Peace Bridge honoured for design
Calgary’s Peace Bridge has been open for a couple of years now but the awards keep rolling in. The latest is the Canadian Architect’s 2014 award for best steel design in the bridges category, which recognizes the innovative blend of glass and steel used in the pedestrian bridge over the Bow River.
Metrolinx runs on culture of intrapreneurship
It’s counterintuitive: Public agencies are by nature risk averse yet are still expected to innovate. Bruce McCuaig understands the paradox. As president and chief executive officer of the Ontario’s transit agency Metrolinx, he has a mandate to improve and better integrate all modes of public transit in the Greater Toronto Area.
Dubai’s Damac profit soars
Damac Real Estate Development Ltd., the developer working with Tiger Woods and Donald Trump on projects in Dubai, said 2014 profit surged 46 per cent as it completed homes and sold land.
Net income climbed to $937 million from $641.5 million a year earlier, the company said in a statement today.
Macau casino operator opens resort in Manila
Melco Crown Entertainment formally opened its $1 billion casino and entertainment resort in Manila on Monday, hoping to cash in on a fast growing Philippine economy and increased tourism. The company’s co-chairman and CEO Lawrence Ho said the opening of the City of Dreams Manila is part of the company’s plans to have casinos across Asia.
Perennial venture acquires Singapore tower
Perennial Real Estate Holdings led a venture that acquired Singapore’s 50-storey Axa Tower for $870 million US and may construct new medical suites at the property. The new owners may also sell parts of the million-square-foot tower, which is connected via an underground passage to the Tanjong Pagar Mass Rapid Transit Station, Perennial Real Estate said Friday.
lululemon founder resigns from board of directors
Lululemon Athletica Inc. founder Chip Wilson announced Monday he is leaving the yoga wear company’s board of directors. Wilson explained in a statement Monday that he had achieved the goals he set out for the company when he was called back from a sabbatical in the spring of 2013 to help manage a crisis over yoga pants that were too sheer.
Duval new Uniprix Group president
The Uniprix Group, the largest affiliation of independent pharmacists in Quebec, announces the appointment of Philippe Duval as new president and chief executive officer. Duval replaces François Castonguay, who had announced last August he would step down after 20 years as head of the company.
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