Rester Management of Montreal has a binding agreement to buy ELAD Group’s interest in ELAD Canada Realty for $508 million. The Toronto-based firm is a Canadian subsidiary of controlling shareholder ELAD Group, which is controlled by Israeli billionaire Yitzhak Tshuva.
Management of Artis REIT (AX-UN-T) has agreed to a demand from activist investor Sandpiper Group for a special meeting to elect a new board of trustees, but in a statement it refutes “mistruths and inaccurate statements” by its dissident unitholder.
Summit Industrial Income REIT (SMU-UN-T) will acquire the remaining 50% ownership in a portfolio of 11 light industrial properties from JV partner Groupe Montoni for $88 million. Summit will also sell Montoni its 50% interest in a 22,023-square-foot Montreal office building for $5.8 million.
Fronsac REIT (FRO-UN-X) had a busy August and September, acquiring a grocery store, adding a joint venture restaurant partner, and buying interests in three other Quebec properties. It also plans to close on two additional buildings in Drummondville during Q4 2020.
After several tough years of seeing downtown Calgary office values in the city crumble like a sandcastle on the beach, 2020 was supposed to be the year the tide finally turned. Fast-forward nine months.
Over the objections of its planning staff, City of Vancouver council has recommended a policy change that the city admits would reduce the value of hundreds of mixed-use commercial properties by up to 30 per cent.
Canadian hospitality businesses, already reeling from the downturn sparked by the coronavirus pandemic, are facing yet another existential threat as insurance companies spike premiums or exit the space, citing losses and the sector’s risks.
The consortium tasked with building the Eglinton LRT is again taking Infrastructure Ontario and Metrolinx to court. The action, filed by Crosslinx Transit Solutions, accuses both agencies of refusing to declare COVID-19 an emergency.
European call centre company Webhelp is launching operations in Montreal to push deeper into the North American market, the latest investment in the city as Quebec’s two-year-old effort to target businesses from France starts to bear fruit.
Investors remain cautiously optimistic as the end of the year approaches, according to Altus Group’s Q3 Investment Trends Survey. Strong industrial demand has allowed that sector to remain resilient, while the office sector continues to face unprecedented challenges.
Alcanna Inc. (CLIQ-T) today reported it has agreed to sell eight convenience-format liquor stores on Vancouver Island to Mid-Island Consumer Services Co-operative. Alcanna will retain its three Vancouver Island stores in the greater Victoria area.
Canadian Apartment Properties REIT (CAPREIT) (CAR-UN-T) announced it completed the acquisition of a portfolio of three manufactured home communities located in Wingham, Espanola and Midland, Ont., comprising 169 sites on Oct. 1. CAPREIT paid $9 million for the three properties.
Winnipeg-headquartered Canada Life reopened its suspended $580 million Cdn U.K. property fund on Thursday and Savills Investment Management said it had partly reopened two funds, as the sector shows further signs of life after a six-month freeze.
CPP Investments has agreed to sell its 50 per cent interest in Phase One of Nova Victoria in London to Suntec REIT of Singapore. Nova Victoria is a landmark five building mixed-use development adjacent to Victoria mainline and underground stations.
Montreal-based SNC-Lavalin (SNC-T) is reducing its risk in the Middle East and other regions as the engineering and construction firm faces headwinds such as the COVID-19 pandemic and fluctuating oil prices, chief executive officer Ian Edwards said on Thursday.
Canadian coffee and doughnut chain Tim Hortons is planning a major U.K. expansion, creating about 2,000 jobs. It will open drive-through outlets in every major city and town over the next two years, starting with Milton Keynes.
New condo listings on the island of Montreal were up 72 per cent in Q3, the biggest annual increase in 17 years, according to Quebec Professional Association of Real Estate Brokers data. The Greater Montreal Area recorded a 61 per cent jump.
“We believe 10% to 20% of mortgages under deferral are at a higher risk of defaulting. We are most concerned about borrowers on a deferral program who are unemployed and borrowers on a deferral program . . .” wrote RBC’s Darko Mihelic and Sanly Li.
Ottawa’s planning committee gave the go-ahead Thursday to a development by a numbered company that will see nine- and three-storey buildings with a total of 139 apartment units constructed in Kanata’s Beaverbrook neighbourhood.
GTA home prices and sales continued to hit records in September with prices up 14 per cent year-over-year to $960,772 across all housing types, including condos, said the Toronto Regional Real Estate Board (TRREB) on Tuesday.