Hudson Pacific Properties is moving ahead with major renovation plans at its downtown Vancouver Bentall Centre property with a few COVID-related adjustments. At the start of the year, it had planned the biggest improvements to the complex since the 1990s.
Vancouver-based activist investment firm Sandpiper Group has launched a proxy fight against Artis REIT, (AX-UN-T) in a bid to oust most of the board after the commercial landlord announced a plan to spin off $779 million of its retail assets.
The Liberal government is spending $10 billion in infrastructure initiatives such as broadband, clean energy and agricultural projects as part of its plan to boost growth and create one million jobs after the pandemic pummelled the economy.
CREW Network‘s latest benchmark study shows progress, but also some backward steps for women and minority communities. “When diversity is recognized at the senior levels of the commercial real estate profession, that’s what’s going to change it,” said executive Rhonda Holland.
Northview Apartment Real Estate Investment Trust (NVU-UN-T) announced its sale to Starlight Group Property Holdings and KingSett Capital, in which unitholders will receive consideration of $36.25 per Northview trust unit, is scheduled to close the week of Nov. 2.
Lori Sartor and Eric Haslett
The Canada Emergency Commercial Rent Assistance program — designed to ease the pressure on pandemic-damaged businesses by covering a portion of their rent — expired at midnight, leaving many Canadian businesses in the dark about what Ottawa has planned to replace it.
Toronto home prices are overvalued, making it the only North American city at high risk of being in a bubble, according to a new report by UBS. Toronto is No. 3 on UBS’ annual bubble index, trailing Munich and Frankfurt.
Bank of Montreal expects losses on loans to businesses will spike, but executives are trying to calm investors’ concerns the bank could be unduly exposed to struggling companies. Canada’s fourth-largest bank is one of North America’s largest commercial lenders.
Trustee Daniel Drimmer continues to be a buyer of Northview Apartment REIT (NVU-UN-T) for an account in which he has indirect ownership (Starlight Group Property Holdings Inc.). On Sept. 16, Drimmer invested over $10.9 million in units of Northview.
Northview Canadian High Yield Residential Fund has obtained a receipt for a final prospectus for its IPO of trust units. The final prospectus qualifies the distribution of a maximum of $430 million of units and is expected to close on Nov. 2.
Strata owners have, for some years, drawn attention to allegedly faulty glass windows in residential condo units at the 62-storey Shangri-La tower in downtown Vancouver. According to recent strata minutes, the inner panes could “spontaneously shatter.”
Oxford Properties has marked its first direct logistics investment in Europe with the acquisition of a 15-acre site in Heathrow, London. The $60 billion property arm of pension fund OMERS has acquired the site in partnership with Logistics Capital Partners (LCP).
Brookfield Asset Management is set to file a draft offer document with Securities & Exchange Board of India for a $600 million US IPO initial public offering for its REIT, its third in India following Embassy Office Parks and Mindspace Business Parks.
H&M plans to close hundreds of stores next year as the coronavirus crisis drives more shoppers online, the world’s second biggest fashion retailer said on Thursday, after reporting a smaller than expected drop in third-quarter profit.
Toronto-based real estate agency, Properly.ca has gained access to $100 million in credit and is betting on artificial intelligence to help it expand from Ottawa and the Greater Toronto Area to major cities across Canada.
Vancouver-based Loop Insights Inc. (MTRX-X), a provider of contactless solutions and AI in to the brick and mortar space, has granted Austin, Texas-based startup CasaPerks LLC to use various aspects of its technology for $1.9 million US.
Vancouver Mayor Kennedy Stewart’s push for a new housing initiative that would allow up to six homes on a single-family lot — with two of them affordable to middle-income earners — was derailed by city councillors Tuesday and may never be implemented.
Montreal will freeze municipal taxes to give residents and businesses some much-needed relief, even after announcing Thursday the city expects to record a 2020 deficit of as much as $129 million. The tax freeze will deprive the city of $56 million in revenue.
According to RBC Economics’ Housing Affordability Measure out this week the proportion of income Canadians need to meet housing costs (mortgage, taxes, utilities) fell 3.3 percentage points to 47.3% in the second quarter, the most affordable since 2016.