Ottawa real estate investment ‘near-unprecedented’

Ottawa real estate investment ‘near-unprecedented’: Altus

These are heady days for the commercial and multi-residential real estate industry in Canada’s National Capital, a fact driven home when Altus Group’s Colin Johnston and Julianne Wright provided a market overview at the Ottawa Real Estate Forum. “The city is currently experiencing a near-unprecedented amount of real estate development and investment,” Wright told the 600-plus attendees at the Ottawa Conference and Event Centre.

Property Biz Canada

Morguard plans big development at Edmonton’s Bonnie Doon

A proposed development for Edmonton’s Bonnie Doon neighbourhood could bring thousands of new homes and people to the area. Morguard Investments (MRC-T) has proposed to rezone the land Bonnie Doon Centre sits on, transforming it into a mixed-use development that features housing, offices and retail space. The city is reviewing the rezoning application for the mammoth project, which could take up to 30 years to complete.

CBC

Canada’s largest cities need more industrial space

As industrial vacancy rates continue to plummet in Canada’s six largest cities, the need for more facilities is becoming more acute, according to a new Colliers International report. Overall occupancy grew by an annualized 1.59 per cent in Q3 and by 1.74 per cent during the year to date. This equates to just more than 6.7 million square feet of absorption in the quarter and 14.5 million square feet for the year.

Property Biz Canada

GWLRA buys U.S.-based Guggenheim Real Estate LLC

GWL Realty Advisors Inc. says it has a deal to purchase Guggenheim Real Estate LLC (GRE) through its U.S. subsidiary, GWL Realty Advisors U.S. Inc. The transaction will be the second major purchase this year for GWLRA US. Financial terms of the acquisition were not disclosed, but GRE manages gross assets of US$1.8 billion through investments in various sectors as well as public REIT investments.

Property Biz Canada

Blackstone concedes defeat to Oxford in Investa battle

Private equity giant Blackstone Group (BX-N) has quit a takeover battle for Australian office-block owner Investa Office Fund after it was gazumped by Canadian landlord Oxford Properties Group’s $2.4-billion US bid. Blackstone told Investa it would not match the offer, Investa said on Thursday, all but handing the sought-after target to Oxford as office rents boom, especially in Sydney where Investa’s 20 towers are concentrated.

Reuters – IPE Real Assets

Sidewalk Labs will be a ‘catalyst’ for other innovations: CEO

Sidewalk Labs CEO Dan Doctoroff says his firm will act as a “catalyst” to help develop and deliver the infrastructure upon which the Quayside neighbourhood will be based. In a speech Wednesday, Doctoroff said the project will feature shared automated vehicles, streets that melt snow and redirect traffic in real time, an advanced electrical grid and “next-generation” stormwater management.

Toronto Star – Windsor Star – Toronto Star

Broccolini unveils details of Montreal’s tallest residential tower

Broccolini has unveiled new details and several modifications to the design of its Victoria sur le Parc, a 58-storey tower which will become the largest residential high-rise in Montreal when it is completed in 2020. The project is Broccolini’s “most ambitious yet” the company says, and comprises one of the final elements of the redevelopment of Montreal’s International District.

Property Biz Canada

Canopy Growth executive urges industry to rethink cannabis

Mario Castillo had his doubts about joining Smiths Falls, Ont.-based Canopy Growth (WEED-T), the world’s largest cannabis company, when a recruiter called him. That was 16 months ago when Canopy, now a company with an almost $16 billion US market capitalization, was known as Tweed Marijuana, and Castillo was pondering a job “a little bit out of the norm” that might not be the ideal career move.

CoStar Group – Bloomberg – Financial Post

Canadian retailers warn of lingering cannabis shortage

Demand for newly legal pot appears to be outstripping supply on the second day of legalization as retailers ran low on some products or were cleaned out completely, manifestations of a shortfall some provinces warned could last for months. Manitoba Liquor & Lotteries said Thursday it is expecting product shortages in both brick-and-mortar and online stores could last “up to at least six months.”

Montreal Gazette – Calgary Herald – Ottawa Citizen

CMLS Financial opening new office in Winnipeg

CMLS Financial, one of Canada’s largest independent mortgage lenders, announced the opening of a new office in Winnipeg. The expansion will support growth in the region and the company’s commitment to, and investment in, the Canadian market. CMLS Financial, which was founded in 1974 and has seven offices across the country,  provides a wide range of commercial lending services, residential mortgages, and institutional services.

Globe Newswire

Monsanto head office relocating to Calgary

Winnipeg is losing a major head office after Bayer Canada informed employees last week it’s moving the former Monsanto headquarters to Calgary. The move impacts 71 staff located at the former Monsanto office at the University of Manitoba’s Smartpark. German multinational company Bayer bought U.S.-owned Monsanto two years ago, but regulatory approval wasn’t finalized until this summer

Winnipeg Free Press

Vancouver industrial land squeeze chokes business growth

A Metro Vancouver manufacturing firm lost between 20 and 30 per cent of its potential business last year due to the region’s lack of affordable land, and the company’s top executive is imploring the province to consider digging into B.C.’s agricultural land supply as a solution. Greenlight Innovation president and CEO Ross Bailey added failure to do so will ensure B.C. continues to fall behind other jurisdictions in economic development.

Business In Vancouver – Vancouver Province – Property Biz Canada

Mortgage brokerage firm tied to Fortress shuts down

A second mortgage brokerage firm that raised money to finance projects for Fortress Real Developments Inc. has closed its doors, marking another setback for the troubled real estate developer. FDS Broker Services Inc. filed for bankruptcy effective Sept. 17, according to licensing information filed with the Financial Services Commission of Ontario, the province’s mortgage industry regulator.

Globe and Mail (Subscription required)

Mizrahi scouting Detroit real estate market

A prominent Toronto developer who is building Canada’s tallest skyscraper has been scouting for property to build on in Detroit. Sam Mizrahi, president and founder of Mizrahi Developments, registered business entities in Michigan last month, one of which describes its “general character” as “real estate development and financing.” Two real estate sources say he’s been looking for Detroit land to build on for the last several months.

Crain’s Detroit Business

InfraREIT to be acquired by Oncor in $1.275B deal

InfraREIT, Inc. (HIFR-N) Thursday announced it has entered into a definitive agreement to be acquired by Oncor Electric Delivery Company LLC for $21.00 per share in cash, valued at approximately $1.275 billion US, plus the assumption of approximately $940 million of InfraREIT’s net debt, as of June 30. InfraREIT stockholders will receive $21 in cash for each share of common stock, an 18 per cent premium to InfraREIT’s unaffected share price of $17.79 on Jan. 12.

PR Newswire – PR Newswire

Real Estate Companies

Disney-Fox deal signals accelerated RE shakeout

If Walt Disney Co. completes its $71.3 billion acquisition of most of 21st Century Fox early next year as planned, Disney will emerge with some of Fox’s prime U.S. and international property, expanding its lead as the major entertainment studio with the largest real estate footprint in a deal that’s already begun to scramble the entertainment landscape.

CoStar Group – CoStar Group

Real Estate Investment Trusts

Loblaw shareholders OK plan to spin-out Choice

Loblaw Companies Limited (L-T) and George Weston Limited (WN-T) announced on Thursday that, at a special meeting of shareholders, Loblaw shareholders voted in favour of a special resolution approving a plan of arrangement under section 192 of the Canada Business Corporations Act. Pursuant to the plan, Loblaw will spin out its 61.6 per cent effective interest in Choice Properties REIT (CHP.UN-T).

Canada Newswire – Property Biz Canada

Value of U.S. REIT M&A deals rises significantly

There were roughly the same number of M&A deals in the U.S. REIT sector so far this year compared to last year — but they sure are worth more overall, thanks to Brookfield Asset Management Inc.’s two big recent privatization plays. Likely helping to skew the deal volume amount was Brookfield Asset Management’s privatization moves involving diversified REIT Forest City Realty Trust Inc. and mall REIT GGP Inc.

National Real Estate Investor

Retail

SAIL Plein Air opening three new stores

Norman Décarie, president and chief executive officer of SAIL Plein air Inc., a Canadian retail industry leader, announced it is opening three new stores in Quebec this fall: two SAIL stores (Chicoutimi, Oct. 17 and Lachenaie in December) and a Sportium store (Kirkland in November). “As major upheavals rock the retail industry . . . we are continuing to grow our two sales channels more than ever,” said Décarie.

Canada Newswire

Saskatchewan’s Federated Co-op celebrates 90 years

Saskatchewan’s largest business is marking its 90th anniversary, a milestone its chief executive believes would never have been reached were it not for deep roots in the community. Driven by the need to acquire staples such as coal, barbed wire and groceries, the first co-operatives sprang up in Saskatchewan more than a century ago. It wasn’t until 1928, however, that they joined forces to create a wholesale operation.

Saskatoon StarPhoenix

Restaurants and Eateries

Pacini Restaurants expanding in Canada and U.S.

Quebec-based Pacini Restaurants Inc. is aiming to pierce the U.S. market and expand across Canada as it prepares to open more than 200 locations across North America within the next decade.The privately owned Italian-style chain is looking to partner with hotel chains that it hopes will become franchisees.

Montreal Gazette

Starbucks selling stores, closing office in Europe

Starbucks is restructuring its European operations after several years of slowing sales. The Seattle-based coffee chain is selling 83 company-owned stores in France, the Netherlands, Belgium and Luxembourg to its longtime partner, Alsea. Alsea will also provide services to 177 other Starbucks locations in those countries which are owned by franchisees. Mexico City-based Alsea already operates more than 900 Starbucks stores in Mexico and South America.

AP News

Cannabis industry news

Sask. letting market dictate wholesale cannabis market

Saskatchewan is letting the market dictate the wholesale cannabis market, but only one company has been granted a permit to operate so far. “Part of our setup, or our framework, was to allow as many wholesalers into Saskatchewan that can make a business of it, so we allowed the private sector to do what they do best,” Saskatchewan Gaming and Liquor Authority (SLGA) Minister Gene Makowsky said Thursday.

Saskatoon StarPhoenix

New Development

New mills, new jobs in Port Alberni $70M project

Port Alberni’s economy has received a huge boost with news San Group Inc. will put $60 million to $70 million into a trio of mills and provide employment for about 135 people in three phases. The centrepiece will be a HewSaw mill, designed in Finland, that specializes in small-dimension wood. To build the new sawmill, family-owned San Group, based in Langley, is buying 25 acres at the Catalyst Paper site in Port Alberni, and will provide Catalyst with wood chips.

Victoria Times Colonist

Ground broken on Molson Coors’ Longueuil facility

Molson Coors officially broke ground today, kicking off the construction for what will be the company’s most modern brewing facility and distribution centre to date. The project represents a major investment and a new chapter in the company’s 230 plus years in Canada. The location, with an area of more than 140 acres, offers access to high-quality water, highways, ports, Hydro-Québec services, natural-gas conduits and a nearby wastewater treatment plant.

Canada Newswire – Property Biz Canada

Other

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