Greybrook Realty Partners and Tribute Communities have purchased a 2.17-acre property along Toronto’s The Queensway for $40 million. The two companies plan to build a twin-tower, 37-storey condo development connected by a podium of up to 11 storeys at the site.
As the impact of COVID-19 continues to spread, SmartCentres REIT (SRU-UN-T) became the latest to offer assistance, announcing it is offering Canadian governments and health authorities up to a million square feet of rent-free space at its 200 shopping centres.
RBC employees at a Mississauga office say they are not being allowed to work from home, their offices are crowded and shared equipment isn’t being sanitized between shifts, even though two of their co-workers have tested positive for COVID-19.
The Canada Life Assurance Company has temporarily suspended the Great-West Life Canadian Real Estate Investment Fund No. 1, the London Life Real Estate Fund 2.17G, the Canada Life Real Estate Fund (GWLRA) SF353 and the London Life Real Estate Fund 5.191G.
Ontario and Quebec announced plans Monday for non-essential businesses to close. In Ontario, food, medicine and “essential products” would remain available. In Quebec, only grocery stores, pharmacies, banks, media and a few other services will be allowed to stay open.
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Hines Interests Ltd. Partnership describes its new office project in Toronto’s Junction Triangle neighbourhood as “authentic,” but observers say it’s also a good example of a rapidly proliferating trend – a move toward what is becoming known as the “fringe.”
One of Calgary’s more successful developers is Hardy Nielsen, founder and president of The Norcal Group, which started construction of another 98,000 square feet of industrial/commercial units in the Airways Crossing development last February.
Denis Arsenault announced he has acquired ownership of securities of ViveRE Communities Inc. (VCOM-X) for an aggregate purchase price of $3,500,000. The securities were purchased in connection with the sale of real estate properties by Denaco Group, which he owns.
Sandpiper Group announced it has sold 1,000,000 REIT A units of Dream Office REIT (D-UN-T) representing approximately 1.6 per cent of the voting units issued and outstanding. The units sold for an average price of $16.10.
REIT COVID-19 business updates
REIT fourth-quarter financial results
There are still many unknowns about the impact of the COVID-19 pandemic on infrastructure, but airports are likely to be the hardest-hit sector, according to UBS-AM Real Estate & Private Markets’ latest Outlook Special report.
Businesses are learning how a global pandemic can put strain on supply chains. COVID-19 is not only impacting shipping lanes, ports and locations, but also the people inside manufacturing facilities who are making the products, Zurich Canada explains.
Strategic Storage Growth Trust II, Inc., a private REIT sponsored by an affiliate of SmartStop Self Storage REIT, Inc., announced its acquisition of a recently completed 970-unit self-storage facility in Homestead, a suburb of Miami,.
JLL Capital Markets (JLL-N) announced it has arranged $991.77 million US in financing for a geographically diverse, 17-property portfolio totaling more than seven million square feet across major U.S. markets. JLL worked on behalf of CalSTRS and its advisor, PCCP.
The transfer of seniors into a new long-term care home in Victoria has been put on hold, and the facility could be used to help free up space in hospitals during the COVID-19 outbreak, Island Health confirmed Monday.
U.S. states’ and cities’ attempts to bring tougher restrictions on Airbnb fade in comparison to the effects of the novel coronavirus outbreak. However, Airbnb’s decision to give full refunds for coronavirus-related cancellations may prove effective in the long haul.
Metro Vancouver mayors are urging the province to freeze evictions and offer support to landlords as many tenants struggle to make ends meet. With rent due in days, tenants still don’t know whether they can expect some sort of relief.