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Rester to acquire control of ELAD Canada for $508M
Rester to acquire control of ELAD Canada for $508M
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.
Artis sets special meeting, refutes Sandpiper ‘mistruths’
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 to acquire other half of Mtl. industrial portfolio
• Canada Newswire • RENX
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 invests $13M in acquisitions, redevelopments
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.
Pandemic, recession further erode Calgary office values
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.
Van. plan would slash mixed-use land values
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.
Hospitality industry faces ‘perfect storm’ as insurers flee
• Reuters • Ottawa Business Journal • Ottawa Citizen
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.
Crosslinx taking province to court over Eglinton LRT
• Toronto Sun • CBC • Globe and Mail
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.
French call centre company to open Montreal office
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 cautiously optimistic: Altus Group
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 sells 8 Vancouver Island stores for $21.1M
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.
CAPREIT acquires MHCs, buys out apartment lease
• Globe Newswire • RENX
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.
Canada Life, Savills fire up frozen U.K. property funds
• Reuters
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 sells 50% interest in London mixed-use project
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.
SNC to reduce Middle East exposure: CEO
• Reuters
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.
Tim Hortons to open drive-throughs throughout U.K.
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.
Condos start flooding the market in Montreal
• Bloomberg • Globe Newswire • Globe Newswire
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.
20% of mortgages at ‘higher risk of defaulting’: RBC
“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.
Two-phased Kanata apartment development OK’d
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 sales, prices set new records in September
• Toronto Star • Globe Newswire • Globe and Mail (Sub. required)
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.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
Vancouver
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Edmonton Real Estate Forum
May 08 2024
Edmonton Convention Centre
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Land & Development Conference
May 28 2024
Metro Toronto Convention Centre
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Montreal Real Estate Forum
Jun 06 2024
Montreal
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Southwestern Ont. Real Estate Forum
Jun 13 2024
RBC Place London
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