Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) (CAR-UN-T) has expanded its multi-family portfolio in the Netherlands with a $239.83-million acquisition. The purchase is comprised of 18 high-quality residential rental properties totaling 942 suites in seven urban growth markets in the Netherlands.
Over the years, we’ve expounded persistently on the controversies surrounding Metro Vancouver’s rental housing. Not all the feedback has been pleasant. City of Vancouver staff have rebuked us for what they consider inappropriate comments and for encouraging market speculation.
A major redevelopment of a 72-acre plot of land on Port Credit’s waterfront that has sat vacant for nearly 30 years is now one step closer to getting underway. Wednesday, Mississauga city council approved the development plan for the site.
The federal government has asked for a 30-day delay on the sale of downtown Winnipeg’s Portage Place. Toronto-based Starlight Investments offered $22.9 million for the shopping centre, with an additional $47 million for its land and underground parkade.
Calgary planning firm O2 Planning + Design will help develop a master concept plan for LeBreton Flats as the National Capital Commission comes up with a new scheme for the property. O2’s urban design principal, Chris Hardwicke, will lead the team.
Collaborating to prepare a business case for a new roof for Montreal’s Olympic Stadium are Schlaich Bergermann Partner, a German engineering firm; German architectural firm GMP; Canadian engineers WSP; and the project owner, the Regie des Installations Olympiques (RIO).
Since 2005, Tien Sher Group of Cos. and its president, Charan Sethi, have been sparking redevelopment in Surrey’s Whalley district with a series of mixed-use new home condominium developments in the blocks around King George Highway and 108th Street.
Once known as the heart of the entertainment district, the clubs on Granville Street in Vancouver are slowly disappearing as young people turn to other forms of nightlife. By 2020, there will only be seven licensed nightclubs and live music venues.
REOC second-quarter financial results
Brookfield Property Partners (BPY.UN-T) and subsidiary Brookfield Property REIT, Choice Properties REIT (CHP-UN-T), Summit Industrial Income REIT (SMU-UN-T) and Dream Global REIT (DRG-UN-T) have all exhibited strong three-year revenue CAGR as well as revenue growth estimates.
REIT second-quarter financial results
The biggest mall owner in the U.S., Simon Property Group (SPG-N), on Wednesday said it’s considering more opportunities where it would invest in a retailer to help keep it afloat. “I think it’s very possible,” Simon CEO David Simon said.
The soaring value of U.S. commercial real estate relative to rents has caused cap rates to plummet to record lows. Unusually low cap rates are a common sign the market is overheated and likely to experience a correction.
The future for Hong Kong’s property market is bleak, according to Denis Ma, head of research at Jones Lang LaSalle. That “dim outlook” on the city’s property comes amid a possible U.S. recession and China-U.S. trade tensions.
Hong Kong-based Gaw Capital Partners and Allianz Real Estate have bought part of an iconic mixed-use development in Singapore for US$1.17 billion in the city state’s largest private sector office sale in almost two years.
Invesque (IVQ-U-T) announced the closing of the acquisition of Commonwealth Senior Living LLC and 17 private pay senior living communities comprising 1,205 units with 1,469 beds. The aggregate purchase price for the initial tranche was approximately US$285.4 million.
Sales of new condos jumped to a near-record in the GTA in the second quarter amid lower borrowing costs, with most growth coming outside the city core. Sales surged 77 per cent to 8,902 units year-over-year, according to Urbanation.