Great-West aims to double RE assets in new global push

Great-West aims to double RE assets in new global push

Great-West Lifeco Inc. (GWO-T) plans to double its real estate assets to about $50 billion within a decade as the Canadian insurer boosts its global presence. “It will be from a combination of attracting third-party capital and developing funds for our clients — those are the two main areas,” said Paul Finkbeiner, who was named to the new role of head of global real estate at the Winnipeg-based firm on Thursday.

Bloomberg

People Space: GWL promotes Finkbeiner, new Morguard CFOs . . .

Great-West Lifeco (GWO-T) has appointed Paul Finkbeiner to the new position of executive vice-president, global head of real estate. Finkbeiner will report to Raman Srivastava, executive vice-president and global chief investment officer of Great-West Lifeco. He will work with regional leaders to set a strategic direction and deliver on investment goals across a diverse global real estate investment platform.

Property Biz Canada

Higher big city leasing rates buoy RioCan’s financial outlook

Rising interest rates and changing economic conditions are causing a slowdown in RioCan Real Estate Investment Trust’s (REI-UN-T) efforts to divest $2 billion of its retail assets across the country, CEO Ed Sonshine said on a Q3 financial results conference call. However, those same conditions are boosting RioCan’s major markets strategy to increase its office and mixed-use holdings, and intensify existing retail properties through residential developments.

Property Biz Canada

Labour, materials cause big spike in B.C. construction costs

The construction cost escalation rate in B.C. this year could be as high as 12 per cent, several industry stakeholders said at a recent panel discussion in Vancouver. “This is very significant and we see, in some cases, developers just shelve some projects because the pro-formas don’t work anymore,” said panelist Wayne Procter, a director with BTY Group, a full-service consultancy for the construction industry.

Property Biz Canada

Slate Office sells GTA properties for $44.1M

Slate Office REIT (SOT.UN-T) announced today it has entered into definitive agreements to sell Centennial Centre and Meadowpine Corporate Centre in the Greater Toronto Area for an aggregate sale price of $44.1 million. The REIT will use the net proceeds to reduce outstanding debt and expects these transactions to close in the fourth quarter of 2018.

Business Wire – Property Biz Canada

Kingsett Capital sells Tecumseh Mall for $37M

Tecumseh Mall has new owners — and a pending new look. According to an announcement Friday, commercial property management company Europro acquired the mall from KingSett Capital for $37 million. “Europro, they’re terrific owners,” said mall general manager Debra McVeety. “I think this is the kind of owner that is going to do some things with this property that we haven’t seen in the past. . .”

Windsor Star – Property Biz Canada

CF unveils $17M Chinook Centre dining hall revitalization

Cadillac Fairview (CF) Friday announced the completion of the CF Chinook Centre Dining Hall renovation. The 10-month renovation and $17M investment builds on other development projects at CF Chinook Centre which includes a $4.5M investment to the south end of the property which consists of new flooring and railings, as well as the addition of the 61 Ave pedestrian bridge which was completed in late 2017.

Canada Newswire – Property Biz Canada

Groundbreaking for National Bank’s new head office

National Bank (NA-T) held an official groundbreaking ceremony Wednesday to kick off the construction of what will become the financial institution’s new head office in Montreal. At a cost of more than $500 million, the project is Montreal’s largest real estate investment in the city in 25 years. The bank also announced an investment of more than $20 million to renovate its Toronto offices at 130 King St.

Canada Newswire – Property Biz Canada

Trinity proposes three towers for Ottawa arts mecca

A developer is proposing to build three towers at the future Gladstone light rail station, on a site that currently houses the largest concentration of artist studios in the Ottawa. Those artists and Kitchissippi ward’s councillor are pushing Trinity Development Group Inc. to incorporate affordable studio space as the site overlooking the O-Train tracks — which also includes a brewery and a music venue — is redeveloped.

CBC

Feds hand over newly restored West Block facility

Public Services and Procurement Canada is restoring and modernizing the buildings on and around Parliament Hill to preserve these heritage treasures for future generations of Canadians. On Thursday, Carla Qualtrough, Minister of Public Services and Procurement and Accessibility, handed over the ceremonial keys to Parliament Hill’s West Block and the new Visitor Welcome Centre to Geoff Regan, Speaker of the House of Commons.

Canada Newswire

Google, Alphabet and the fight over a smart city

AUDIO RECORDING: CBC technology reporter Matthew Braga explains Sidewalk Toronto’s plan to create a futuristic neighbourhood on waterfront property in downtown Toronto and breaks down why some say the high-tech smart city is the solution to our urban woes . . . while others are concerned about the intentions of the Google-affiliated company.

CBC – Winnipeg Free Press

First look at Calgary’s Olympic hub revealed

Calgary 2026 unveiled the first glimpse of what a refurbished McMahon Stadium, new fieldhouse and new mid-size arena could look like if the city hosts the Winter Games. Fergal Duff, the director of venues, villages and capital infrastructure for the bid corporation, says the primary focus when refurbishing old venues is accessibility.

CBC – Calgary Herald

Décathlon coming to the Montreal Eaton Centre

Ivanhoé Cambridge and Décathlon today announced Montreal’s first-ever Décathlon store will open in the Montreal Eaton Centre. The sporting goods retailer will occupy nearly 38,000 square feet of space on two floors of the property. With a grand opening scheduled for fall 2019, the Décathlon at Montreal Eaton Centre will be the first in a downtown location in Canada.

Canada Newswire – Property Biz Canada

IKEA is searching for ways out of the maze

Despite sales growth and increased traffic to its stores, Ikea Canada is still looking at major changes, exploring new store concepts that don’t require an afternoon spent wandering through its maze-like showrooms. Chief executive officer Marsha Smith said the furniture giant is trying to stay ahead of massive shifts in consumer preference. And that labyrinth showroom, she said, “isn’t for everyone. . . . We are exploring new concepts.”

Financial Post – Globe and Mail – Canada Newswire

Freshii pumps brakes on rapid expansion plans

Freshii Inc. (FRII-T), the ambitious Canadian restaurant chain that has frequently touted its rapid global expansion, is backing away from plans to nearly double its stable of franchises by next year after the company’s same-store sales decreased in the third quarter. CEO Matthew Corrin said Freshii was withdrawing its outlook for 2019 — which included plans to add roughly 320 stores to an existing 431.

Financial Post – Financial Post – Globe Newswire

Market Trends and Research

Contractor panel suggests ways to evolve P3 model

As public-private partnership (P3) projects get bigger and more complex, owners must be prepared to relax requirements on risk transfer and ought to be willing to spend more time on the collaboration process, recommends a panel of experts. The three panellists discussed contractor perspectives on evolving the “made in Canada” P3 model at the 26th Annual Canadian Council for Public-Private Partnerships national conference in Toronto.

ConstructConnect

Real Estate Companies

Google reportedly shopping for more NYC RE

Amazon may not be the only technology giant considering a major expansion in New York. Google is in discussions to move into a planned 1.3 million square foot office complex at the St. John’s Terminal building on Manhattan’s West Side, according to a source. Google employs around 7,000 in New York, and a space that size could allow it to more than double its local work force.

New York Times

City mulls buying Toronto Plaza Hotel

The City of Toronto is quietly planning to spend millions to buy a hotel currently housing around 500 homeless people and asylum seekers. With its shelter system at capacity, city officials have since 2017 used the Toronto Plaza Hotel to house newly arrived refugees and homeless families from the charitable Fred Victor Centre. The city has signed at least $4.5 million in contracts with Alternative Living Solutions Inc. (ALS), a private contractor.

CBC

REOC Financial Reports

Latest financial results:

* Fiera Capital Corp., (FSZ-T), Canada Newswire

* Firm Capital American Realty Partners Corp., (FCA-U-X), Canada Newswire

* MCAN Mortgage Corporation, (MKP-T), Canada Newswire

REIT Financial Reports

Latest financial results:

* Cominar REIT, (CUF-UN-T), Canada Newswire

* Fronsac REIT, (FRO-UN-X), Globe Newswire

* NorthWest Healthcare Properties REIT, (NWH-UN-T), Canada Newswire

* Partners REIT, (PAR-UN-T), Globe Newswire

Real Estate Investment Trusts

REITs offering yields of up to 11%

AHIP REIT (HOT-UN-T)  holds a U.S. portfolio of hotel properties primarily located in secondary markets. The REIT’s continued renovation activities at selective hotels have impacted its performance. Artis REIt’s (AX.UN-T) stock fell off a cliff early this month, which shaved 10% off its market cap. Slate Office REIT (SOT.UN-T) is a pure play on office properties. It has done well by delivering returns on equity of about 12% every year since 2015.

Motley Fool

Lone U.S. cannabis REIT trounces peers

From the outside, the row of nondescript buildings in Hamptonburgh in upstate New York looks like any other U.S. warehouse complex. Inside, row after row of budding cannabis plants grow under bright lights and hundreds of security cameras. The allure — and potential — of the marijuana industry has transformed the landlord, Innovative Industrial Properties (IIPR-N) into the best-performing U.S. REIT in the past 12 months.

Bloomberg – The Real Deal

Retail

Can HBC succeed where Sears failed?

In some ways, the investment case for international department-store conglomerate Hudson’s Bay Co. (HBC-T) is similar to the case for Sears Holdings (SHLDW-Q) four or five years ago. Back then, Sears had a massive trove of valuable real estate and other assets that appeared to be worth more than its entire enterprise value. However, Sears Holdings was consistently losing money and steadily burning through cash.

Motley Fool – CP Executive

Walmart ramps up self-checkout, revamps ‘scan and go’

In the race to woo customers, Walmart Canada is adding more self-checkout kiosks and revamping its “scan and go” system where shoppers scan their items while they shop. It appears “scan and go,” in its current form, wasn’t a “go” for many customers. Physical retailers are scrambling to make shopping more convenient while also trying to keep costs down when almost anything can be bought online.

CBC

Restaurants and Eateries

Court pares back Tim Hortons franchisee lawsuit

Rebellious Tim Hortons franchisees have been dealt a setback in their legal feuds with the chain’s parent company over restaurant costs and the right to associate. An Ontario Superior Court judge has struck out many of the claims franchisees had made in two separate legal actions in which they are seeking class-action status against the coffee-and-baked-goods chain.

Globe and Mail (Subscription required)

New Development

N.L.’s Avalon Mall opens new 650-space parking garage

Massive changes continue at the Avalon Mall in St. John’s, but now, at least, shoppers will have a new place to park. The mall’s 650-space parking garage officially opened Friday morning. The parking garage, which replaces the outdoor parking area on O’Leary Avenue, has been under construction for months. The garage is the latest addition to the Avalon Mall, which has also been undergoing extensive renovations for months.

CBC

Infrastructure

New bridge to connect Île-des-Sœurs, Montreal

François-Philippe Champagne, Minister of Infrastructure and Communities, inaugurated the new Île-des-Sœurs Bridge on Friday. The bridge is an important component of the new Champlain Bridge Corridor project, linking Île-des-Sœurs to the island of Montreal and connecting travellers along Highway 15 to the new Champlain Bridge. It features four traffic lanes in each direction and a multi-use path for pedestrians and cyclists that will be open year-round.

Canada Newswire

Small St. Hubert airport undergoing expansion

Discount airline Canada Jetlines Ltd. says it plans to base its Montreal operations in a couple of years out of a small airport that is undergoing an expansion. The Vancouver-based company hasn’t yet launched service, but it announced Thursday a partnership with Montreal Saint-Hubert Longueuil Airport to support its efforts to build a low-cost secondary airport on the south shore of the city.

Winnipeg Free Press

Other

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