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Sandpiper releases strong critique of Artis REIT board
Sandpiper releases strong critique of Artis REIT board
Sandpiper Group has published a strongly worded critique of Artis REIT (AX-UN-T) management as a follow-up to last week’s announcement it is seeking to have trust CEO Armin Martens and four other members ousted from the board of trustees.
Ocgrow, Amazon unveil Alexa alliance at SOLA condos
Calgary-based Ocgrow Group of Companies has partnered with Amazon to deliver what it says is the future of condo living in Canada with the launch of SOLA in inner-city Calgary. The development, with 172 luxury smart homes, will be fully Alexa-enabled.
Negotiations over Toronto’s Clover condo tower stall
• Globe and Mail (Sub. required) • RENX
The legal process to restructure the insolvent Clover condominium project in downtown Toronto is “in a ditch” according to court-appointed monitor overseeing the attempt by Vancouver-based Concord Pacific to complete the half-constructed tower, which could be worth $500 million when finished.
Boardwalk acquires four Ontario properties for $63M
Boardwalk REIT (BEI-UN-T) announced the acquisition of four properties, comprising 226 units in Kitchener–Waterloo, and Cambridge, Ont. Boardwalk closed on the communities on Sept. 28 for a total purchase cost of $63.0 million.
BTB sells Montreal office property for $4.35M
• Canada Newswire • RENX
BTB REIT (BTB-UN-T) announced the disposition of an office property located at 550-560 boulevard Henri-Bourassa Ouest, in Montréal. The occupancy rate of the property stands at 58.4%. BTB disposed of the property for a total consideration of $4.35 million, excluding transaction costs.
Subversive announces $182.8M qualifying transaction
Subversive Real Estate Acquisition REIT (SVX-U-NE) today announced it has entered into binding agreements to acquire real properties in the amount of approximately US$97.4 million and originate or acquire US$85.4 million of first lien mortgages as its qualifying transaction.
Flagship Communities REIT completes IPO
• Canada Newswire • Canada Newswire
Flagship Communities REIT (MHC-U-T) announced today it has completed its initial public offering of 6,250,000 trust units at a price of US$15 per unit. The offering raised gross proceeds of US$93,750,000. The units will begin trading on the TSX today.
DEEP Earth launches 100MW Sask. geothermal project
Saskatoon-based DEEP Earth Energy Production Corp. has launched a massive geothermal production project in the Deadwood Formation in Southeastern Saskatchewan which will supply enough power for approximately 20,000 households.
New Upfield Canada facility opening in Brantford
Upfield Canada is expanding its operations with a new state-of-the-art facility in Brantford, which will provide expanded capacity as well as the technical and production efficiencies required to support its growth. The company has purchased an existing 164,000-square-foot industrial building.
Pinedale’s two-tower infill advancing toward approval
Pinedale Properties’ proposal for a two-building infill at a ‘Tower in the Park’ style apartment site at 3000 Dufferin St. has received zoning by-law amendment approval in principle. The IBI Group-designed development would add 508 residential units to the area.
Calgary has big plans for Midtown Station
Midtown Station is a sprawling, campus-like, mixed-use neighbourhood that’s been conceptualized for the Calgary community of Fairview’s northwest corner. It’s planned in a section currently cut off from the rest of the community by the LRT line.
VTS provides CRE forward-looking market data
VTS has unveiled VTS Data, CRE’s only forward-looking market data product. The product is powered by the $200B in leasing transactions managed on the VTS Leasing Platform across approximately 60 per cent of all class-A office buildings in North America.
Airbnb reportedly burned through $1.2B ahead of IPO
• Reuters
Airbnb burned through more than $1.2 billion in cash between mid-2019 and mid-2020, ahead of its high-profile initial public offering (IPO), the Information reported Wednesday. The cash burn depleted more than a third of the company’s cash reserves as of March 2019.
PIMCO expects low returns for three to five years
• Reuters
In spite of the rally in risk markets this year, Pacific Investment Management Company (PIMCO) expects low returns across asset classes in the coming three to five years as the global economy recovers from the coronavirus pandemic.
Wells Fargo cutting 700 commercial-banking jobs
• Reuters
Wells Fargo & Co. (WFC-N) has started to cut jobs at its commercial banking unit as part of larger reductions that will impact nearly all of its functions and business lines, a company spokeswoman said Wednesday.
Americans might never go back to the office
From his home base on the Hawaiian island of Kauai, Anton Andryeyev is running Twitter’s efforts to chase Russian bots and other rogue actors off the platform. A year ago, he traded his San Francisco office for his tropical office.
Downtown Toronto condo listings surge 215%
• Financial Post • Globe and Mail (Sub. required)
September data from the Toronto Regional Real Estate Board and Urbanation show a surge of condo units for sale, the beginning of a weakening trend for condos, along with a sharp decline in rents. Active listings were up 215% year-over-year.
Condominium Authority Tribunal jurisdiction expanded
The Condominium Authority of Ontario announced the expanded jurisdiction of the Condominium Authority Tribunal (CAT) and the launch of its online multi-party dispute platform following the government’s amendments to Ontario Regulation 179/17, under the Condominium Act, 1998, effective Oct. 1.
Rental markets suffer as immigration growth slows
Pandemic-induced restrictions at the Canadian border have led to major declines in both permanent and non-permanent residents. The impact on rent prices in major cities is becoming more apparent as the pandemic drags on, according to RBC Economics.
Van. proposes single-room occupancy strategy
Vancouver city staff have recently started discussions with the provincial and federal governments on an idea housing activists say could be a game-changer: a joint investment fund for acquiring and redeveloping single-room occupancy hotels.
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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