Partners REIT sells western assets, puts Quebec retail on block

Partners REIT sells western assets, puts Quebec retail on block

Partners Real Estate Investment Trust (PAR-UN-T) says it has an agreement to sell nine of the remaining 10 properties in its western Canada portfolio, and is also putting its 11 retail properties in Quebec up for sale.  A portion of the proceeds from the pending western sale will be distributed to shareholders as part of a special cash distribution following the close of the sale.

Property Biz Canada

CAPREIT to acquire 13 Dutch properties

Canadian Apartment Properties Real Estate Investment Trust (CAR-UN-T) announced Tuesday it has waived conditions and will acquire a portfolio of 13 properties well-located in 12 urban centres in the Netherlands totaling 535 residential suites. The portfolio consists of 122 single-family rental homes, 413 multi-family rental properties, and one commercial unit. The purchase price will be $183.5 million Cdn.

Globe Newswire – Property Biz Canada

Minto, Northview compare apartment strategies at RealREIT

Minto Apartment REIT (MI-UN-T) raised $200 million in its initial public offering (IPO) in July. “What set us apart is the quality of our portfolio,” CEO Michael Waters explained at the RealREIT conference in Toronto. “This portfolio of 22 assets had the highest average monthly rents of the peer set, was all in urban locations with no secondary or tertiary markets, and had very high Walk Scores.”

Property Biz Canada

Fortress searching for buyers for many of its properties

Troubled real estate developer Fortress Real Developments Inc. is searching for buyers for many of its projects as the list of mortgage lenders launching legal action grows. Among the latest moves, two senior lenders have filed lawsuits seeking to take control of Fortress’s Triple Creek housing subdivision project west of Calgary, while another lender is seeking to seize Old Market Lane, a condominium and townhouse development in Toronto.

Globe and Mail (Subscription required)

Darwin plans new medical office space for Vancouver

The developer of the newest office project in the City of North Vancouver says the 90,000-square-foot building will help to keep more medical doctors in the area. North Vancouver’s Darwin Properties is preparing to build The Offices at Harry Jerome, which will include about 15,000 square feet of retail space at street level under about 75,000 square feet of class-A office space tailored for medical, dental and other healthcare uses.

Vancouver Sun

Edmonton unveils Exhibition Lands redevelopment concepts

The city has unveiled four generalized concepts for redevelopment of the Exhibition Lands, with ideas that range from an aquarium to a soccer stadium. The land includes the site of the Coliseum, Borden Park, Northlands Park Casino and Track, the Coliseum LRT station and the Edmonton Expo Centre.

CBC

The People Space: Dream, MDC, FRPO and other appointments

Two of Dream’s REITs have new chief financial officers at the helm this week. Jay Jiang was appointed the CFO of Dream Office REIT(D-UN-T), replacing Rajeev Viswanathan, who moved over to take a similar position with Dream Global REIT (DRG-UN-T). The moves were precipitated by the departure of Tamara Lawson from Dream Global REIT. Lawson left to pursue another opportunity, the trust said in a release.

Property Biz Canada

Peak Power signs Starlight, partners with BGIS, Sidewalk Labs

Toronto-based Peak Power Inc. has opened offices in Boston and New York City and more than doubled its staff to 25 over the past year, as its software and solutions to provide electricity savings gain in popularity. Peak Power offers a range of services, including project development, construction, software, financing, operations, and maintenance.

Sustainable Biz Canada

Union Station restaurants invite commuters to take a seat

Toronto is growing rapidly – there are currently 97 construction cranes in the city to Chicago’s 40 and New York’s 20. And restaurants are popping up in unexpected places, too, such as department store lobbies (Leña at HBC downtown) and transit hubs. Harried commuters at Union Station are now being asked to slow down, take a seat, and contemplate a paper menu rather than a back-lit fast food board.

Globe and Mail

Avison Young launches life sciences specialty practice group

Avison Young new life sciences specialty practice group will assist companies in that sector with their real estate needs.  It will be led by Jerry Keeney, Avison Young Principal and Managing Director of the firm’s San Diego office; Principal Brian Cooper, who is also based in San Diego; New Jersey -based Principal Tom Giannone; and Steve Bleiweiss, a Senior Vice-President in the firm’s Metropark, NJ office.

Canada Newswire

Canadian real estate investors shrug off NAFTA negotiations

VIDEO: Hessam Nadji, Marcus & Millichap chief executive officer, discusses with Bloomberg’s Shery Ahn and Amanda Lang on “Bloomberg Markets.”

Bloomberg

Canadian developer Triple Five to acquire Beverly Hills site

Triple Five Group Ltd., the Canadian developer of the Mall of America, is under contract to buy one of the prime development sites in Beverly Hills, California, from China-based conglomerate Dalian Wanda Group. The Edmonton-based company, led by the Ghermezian family, has agreed to purchase the site at 9900 Wilshire Blvd.

CoStar Group

Whistler Blackcomb powers growth for Vail

Since Vail Resorts Inc. (MTN-N) bought Whistler Blackcomb for US$1.1-billion in 2016, it has faced ire from some locals who watched Canada’s iconic winter resort subsumed by the biggest operator of ski areas in the U.S. However, as Vail has struggled to win over some in B.C.,, the acquisition has helped propel the company, which started on Colorado’s Vail Mountain in 1962 and went public in its current incarnation in 1997.

Globe and Mail (Subscription required)

New IRS revenue procedure welcome relief for REITs

On Sept. 13, the Internal Revenue Service published revenue procedure 2018-48, concerning the proper treatment of certain types of income from foreign operations for purposes of the REIT income tests. The revenue procedure provides important and welcome relief from uncertainty to REITs with international operations.

Lexology

New U.S. tax provisions open gates to $250B in CRE investment

One of the least publicized provisions of the federal Tax Cuts and Jobs Act signed into law last December will be getting a lot more attention in coming weeks. The provision has the potential to stimulate a new round of investment in commercial real estate, mostly in struggling urban, suburban, and rural communities across the United States. A provision of the law offers tax benefits to investments in so-called Opportunity Zones, economically distressed communities defined by state and federal officials. 

CoStar Group

Featured Column

Convenience store shakeups across Saskatoon

Have you noticed any changes in the convenience store staples in Saskatoon? There are a few changes happening which are worthy of mention. The Mac’s chain is not closing, but it is taking on a new name. Owned and operated by Alimentation Couche-Tard since 1999, the stores are being rebranded to Circle K.

Read more

Market Trends and Research

Ottawa CRE investment levels up 10.5% in Q2

A new report suggests 2018 is shaping up to be another big year for commercial real estate investments in the nation’s capital. CBRE said some $339.5 million worth of properties changed hands in the second quarter, up 10.5 per cent over the same period last year. “Investment demand for all asset types (in Ottawa) remains high and tempered only by the availability of product,” CBRE said in its quarterly investment market report.

Ottawa Business Journal

Global data centre UPS market forecast to expand until 2026

ResearchAndMarkets.com notes the global data centre UPS market was valued at US$3.45 billion in 2017 and is expected to expand at a CAGR of 7.5 per cent during the forecast period from 2018 to 2026. Today, with the advent of digitalization, business organizations across different industry verticals are compelled to have large data storage capacities and facilities to manage enormous volumes of data.

Globe Newswire

Deloitte sounds alarm about Canada’s ‘zombie’ companies

Canada’s economy is in the throes of a zombie outbreak and it’s threatening to devour the country’s productivity. That, more or less, is the conclusion of a new report from Deloitte, which found that at least 16 per cent of publicly traded firms here could be classified as “zombies” — defined as mature firms more than 10 years old that lack sufficient revenue to cover interest payments on their debt.

Financial Post

Real Estate Companies

Och-Ziff seeking $2B for biggest real estate fund

Och-Ziff Capital Management Group LLC is seeking to raise its largest real estate fund ever after a period of change for the firm, including new leadership. Billionaire Dan Och’s hedge fund firm is targeting $2 billion for its fourth fund focused on opportunistic property investments as soon as the end of the year, according to sources. New York-based Och-Ziff has also raised about $750 million for a real estate debt strategy.

Bloomberg

Real Estate Investment Trusts

U.S. office REITs untouched by recent M&A activity

A shakeup may be in store for the office REIT sector with firms likely to change hands as interest rates rise and investors—private equity funds, other REITs and foreign investors—seek opportunities for placing large amounts of available capital. Steve Pumper, executive managing partner at Transwestern, has predicted that private equity funds would begin taking over REITs for some time.

National Real Estate Investor

Retail

Halifax’s Spring Garden attracts trendy retailers

The Doyle, a block-long retail hub on Halifax’s Spring Garden Road, is now becoming a fashion oasis in name as well. On Saturday, Oasis Fashion opened in The Doyle. This is the first North American location for Oasis, the United Kingdom women’s retailer which first started in 1991 and has since expanded throughout Europe, South America and the Middle East.

The Chronicle Herald

Dollarama experiences sales slowdown, stock plunge

Dollarama Inc. (DOL-T) is hitting a slow patch. The Montreal-based dollar store, which has gotten investors used to a regular stream of good news, lowered its forecast for comparable store sales this year after a second-straight quarter of below-expectations growth. It now expects sales to rise about 2.5 per cent to 3.5 per cent, down from a previous range of 4 per cent to 5 per cent.

Montreal Gazette

Couche-Tard updates shareholders about proposals

Alimentation Couche-Tard Inc. (ATD.A-T) (ATD.B-T) continues to focus on both organic growth and acquisitions, while exercising outstanding brand creativity and financial discipline. It has delivered on the company’s promise through decades of transformation in all areas of its business, while growing its global brand and becoming a world leader.

Canada Newswire

Cannabis industry news

B.C. behind on retailing recreational cannabis

British Columbia will miss an opportunity to start crowding out the black market for marijuana by not having legal retailers open by the Oct. 17 legalization date, according to a couple of experts. However, for hopeful merchant Fire & Flower, which is working through B.C.’s licensing process, “it’s most important to us that it’s done right, than done fast,” said company executive Trevor Fencott.

Vancouver Sun

Sports Venues

Public wants LeBreton Flats development information

Ottawa residents — and especially Senators fans — are frustrated by a lack of information about the development of LeBreton Flats and are starting to worry that a new arena for the National Hockey League will be delayed, a new poll says. There is broad support for the NHL to become involved in the project to ensure it doesn’t miss its propsed target of opening in the fall of 2023, the poll found.

Ottawa Citizen

Infrastructure

CIB CEO says Montreal REM project fits bank’s mandate

The CEO of the Canada Infrastructure Bank (CIB) insists the bank’s first investment, in Montreal’s REM transit project, ticks all the boxes in its mandate despite the fact its loan guarantee was issued well after the project was launched. Critics have charged the timing of the REM financing announcement means the CIB failed to achieve its “core purpose” as stated in a recent minister’s mandate letter.

Construct Connect

Hyperloop revolutionizing public transport

The UNStudio Futures Team recently presented its vision for the ‘Station of the Future’ at the first edition of HyperSummit, which took place in Utrecht, the Netherlands and was organised by Hardt Hyperloop. Global urbanisation, population growth and urgent environmental concerns create infrastructural challenges that cannot be resolved with our current modes of transport. A sustainable alternative to air travel is therefore imperative.

Canada Newswire

Technology

Amazon launches small business shop

Amazon wants you to shop small. The online retailer launched a new section of its site Monday called Amazon Storefronts, which lists only products sold by small- and medium-sized businesses in the U.S. The company says smaller companies can get lost among its millions of goods and it wants a way for shoppers to find them more easily. Amazon says more than one million products were selected to be featured on the site.

Globe and Mail – Recode

Other

	RENX has surpassed 10,540 Twitter followers
	Recent follower Fitwel is a leading building certification optimizing buildings to support health. Fitwel is a registered trademark of the U.S. Department of Health & Human Services.
	Follow RENXca, the most comprehensive news feed on Twitter for Canadian real estate professionals.