Richmond Industrial Centre to deliver 3M sq. ft. in Metro Vancouver

RENX  Commercial  •  Industrial  •  Metro Vancouver

The 170-acre master-planned Richmond Industrial Centre is more crucial than ever as global supply chains become more vulnerable, cargo volumes grow at the Port of Vancouver, and Metro Vancouver’s supply of industrial space remains under intense pressure.

Van.’s Pelion dives deep into REIT portfolio data, metrics

RENX  Commercial  •  Investment, Technology  •  National, International

After years of searching for deeper data on the entities and properties his management consultancy firm was tracking, Vancouver tech and financial entrepreneur Vasant Jain decided to compile the metrics himself. And thus, Pelion was born.

CAPREIT acquires 4-building Kelowna multires for $63M

Residential  •  Western Investor  •  RENX

CAPREIT (CAR-UN-T) has acquired Winnipeg-based Ironclad Developments‘ new four-building, 193-unit Lakeview Point project at 3623 Elliot Rd. in West Kelowna for $63 million. The deal worked out to $327,000 per door, according to Robert Greer of Avison Young, Vancouver.

Metro to invest $100M-plus in fulfillment network

Commercial  •  Canada Newswire

Metro Supply Chain plans to further invest more than $100 million to highly automate several of its fulfillment facilities with e-commerce solutions. The first facility being outfitted is a 285,000-square-foot building in Bolton, Ont., dedicated to the apparel and footwear sector.

George Weston sells ambient bakery business for $370M

Commercial  •  Canada Newswire

George Weston Limited (WN-T) today announced it has signed a definitive agreement to sell the Weston Foods ambient bakery business to affiliated entities of Downers Grove, Ill.-headquartered Hearthside Food Solutions, LLC for aggregate cash consideration of $370 million.

RBI to acquire Firehouse Subs chain for $1B

Commercial  •  Globe and Mail (Sub. required)  •  Canada Newswire  •  Toronto Star

Tim Hortons parent Restaurant Brands International Inc. (RBI) (QSR-T) is adding another fast-food brand to its roster, with a US$1-billion all-cash deal to buy Jacksonville, Fla.-based sandwich chain Firehouse Subs, which has 1,200 locations across 46 U.S. states, Canada and Puerto Rico.

Real Estate Wealth Insights › Multifamily withstands pandemic better than most property types

Chris Nickerson: Managing Director, Equiton Capital

Chinese developer DDI bet big on Cdn. CRE and failed

Commercial  •  Globe and Mail (Sub. required)  •  Globe and Mail (Sub. required)  •  Globe and Mail (Sub. required)

When Chinese developer DongDu International (DDI) bought a 2,850-acre plot on Nova Scotia’s eastern shore in 2014, announcing a grand vision for a resort called Crystal City, farmer Neil Partington – whose land backs onto the site – and other locals wondered why.

Five older downtown Calgary towers transformed

Commercial  •  CBC  •  Globe and Mail

While most of the downtown Calgary chatter these days is about converting old, empty office buildings to residential and other uses, five of Calgary’s first skyscrapers have been converted from suiting large headquarters to try to lure small, startup tenants.

Kanata North to become more than just big tech

Residential, Commercial  •  CBC

Kanata North’s landscape is set for a transformation in the next two decades that could see its expansive parking lots replaced with a grid of streets populated by residential buildings and restaurants with the official plan calling for 2,000 residential units.

Canadian Net partners on five Quebec developments

Commercial  •  Globe Newswire  •  RENX

Canadian Net REIT (NET-UN-X) announced five new Quebec developments in collaboration with Benny&Co. and Odacité Immobilier. These projects will house Benny&Co. restaurants and represent a total investment of $10.7 million. The fund will hold a 40 per cent interest in each property.

Investors need to temper expectations for REIT returns

Residential, Commercial  •  Globe and Mail (Sub. required)

Currently, the S&P/TSX REIT Index pays out 3.6 per cent, only 2.1 percentage points more than the five-year bond yield of 1.5 per cent. This makes the sector far less attractive to income investors relative to recent history.

American Tower to acquire CoreSite for $10.1B

Commercial  •  Business Wire

American Tower Corporation (AMT-N) has entered into a definitive agreement to acquire CoreSite Realty Corporation (COR-N) for $170.00 per share in cash. The total consideration for the transaction, including debt, is approximately $10.1 billion. CoreSite owns 25 data centres.

Starlight completes IPO; acquires U.S. multires

Residential  •  Canada Newswire

Starlight U.S. Residential Fund has completed its IPO and issued an aggregate of approximately $312.0 million of trust units. The fund also announced it has acquired Indigo Apartments, a 489-unit multresidential property in Raleigh, N.C., and 28 single-family properties in Atlanta.

CPP to JV on 13-storey London mixed-use

Commercial  •  Canada Newswire  •  IPE Real Assets

CPP Investments and Federated Hermes on behalf of BT Pension Scheme are to become joint-venture partners on the development of London’s One Centenary Way, with CPP committing approximately $94 million Cdn. The 13-storey mixed-use will deliver 286,000 square feet of office space.

CPP, PML to develop mixed-use asset in Mumbai

Commercial  •  IPE Real Assets

CPP Investments is committing up to $264 million to a newly created office-led mixed-use development venture in India with Phoenix Mills Limited. CPP Investments is investing up to 49% in PCREPL, the venture that will own the asset in Lower Parel, Mumbai.

Monthly sales see biggest increase since July 2020: CREA

Residential  •  Toronto Star  •  Canada Newswire  •  Financial Post

The Canadian Real Estate Association says home sales across the country rose by about nine per cent between September and October, the largest month-over-month increase since July 2020. The number of new listings last month were 61,128, down almost 20 per cent year-over-year.

No ‘magic bullet’ for affordability crisis: Panel

Residential  •  Daily Commercial News  •  CTV

Home ownership will become even further out of reach for many Canadians living in major cities if nothing is done to address the issue of housing supply, according to a panel of experts at the recent Scotiabank Affordable Housing Summit.

Gov’ts, non-profits urged to buy more B.C. land

Residential  •  Vancouver Sun  •  Vancouver Sun

Housing advocates are expected to urge government officials to devote more effort to acquiring land for affordable housing rather than just building affordable housing units during a three-day conference starting in Vancouver Monday.

Has B.C.’s speculation, vacancy tax made a difference?

Residential  •  Vancouver Sun

On the third anniversary of B.C.’s adoption of a vacant home and speculation tax, the province says the tax has turned empty units into homes. However, experts remain divided on its benefits and note it’s hard to isolate its effect.

Ottawa offering forgivable loans to landlords to renovate units

Residential  •  Ottawa Citizen

To move families living in hotels, motels and other forms of emergency shelter in Ottawa into more permanent homes, the city is making $1 million available and looking to landlords with family-sized units to step up to the plate.