Slate to acquire $2.93B portfolio from Annaly Capital

RENX  Residential, Commercial  •  Office, Retail, Apartments  •  International

Slate Asset Management will spend $2.93 billion to acquire the U.S. real estate assets of Annaly Capital Management (ACREG) in what its top executive calls an “opportune time in the market cycle.”

WeWork agrees to go public via $9B SPAC

Commercial  •  Globe and Mail (Sub. required)  •  Financial Post  •  Yahoo Finance

WeWork has agreed to go public through a merger with blank-cheque firm BowX Acquisition Corp. that values the office-sharing startup at $9 billion including debt, the Wall Street Journal reported on Friday, citing sources.

Hong Kong residents shift billions to Canada

Residential  •  Financial Post

Hong Kong residents have moved tens of billions of dollars across the globe to Canada, where thousands of families are looking at properties in Toronto and Vancouver, says Alisha Ma, founder of immigration consultancy Halcyon Counsel.

Will the GTA multiresidential market be impacted by an ‘urban exodus’?

Bill Argeropoulos: Bill Argeropoulos, Principal & Practice Leader, Research (Canada)

Québec budget includes $135B infrastructure plan

Commercial  •  Canada Newswire  •  Globe and Mail  •  Montreal Gazette

The 2021–’31 Québec Infrastructure Plan (QIP) is set at $135.0 billion, up $4.5 billion over that of 2020–’30. This new government plan for the next 10 years reflects the continuation of key government priorities and the acceleration of infrastructure investments to stimulate economic growth.

Toronto, Montreal airports pummelled in 2020

Commercial  •  Toronto Star  •  Montreal Gazette

Montreal-Trudeau International Airport welcomed 5.4 million passengers in 2020, a 73 per cent year-over-year decrease compared with 2019, ADM Aéroports de Montréal said Wednesday. “The year 2020 was truly one to be forgotten for ADM,” ADM president Philippe Rainville said.

Taiga Motors plans to build Quebec assembly plant

Commercial  •  Toronto Star  •  Canada Newswire

Montreal-based Taiga Motors Inc. plans to build a 340,000-square-foot assembly plant for its electric snowmobiles and personal watercraft in Shawinigan, Que. The factory is expected to increase Taiga’s production capacity to 80,000 units by 2025. Construction is expected to start in Q2 2021.

PSP, Starlight back Greensoil proptech fund

BIZ  Energy, Commercial, Sustainable Biz  •  Investment, Technology  •  National

Greensoil PropTech Ventures launched its US$100-million Greensoil PropTech Ventures Fund II LP with support from major institutional investors. Its focus will be proptech companies providing products, services and technologies to make real estate more productive, efficient, and sustainable.

Ontario doubles tax credit in tertiary markets

Commercial  •  REMI Network

Investors, landlords and developers could see a refundable tax credit of up to $90,000 if they build, acquire or renovate a commercial or industrial building in Southwest, Eastern or Northern Ontario during the next 21 months as detailed in the 2021 Ontario budget.

No rubber-stamping of dev. applications: Ottawa

Residential, Commercial  •  Ottawa Citizen

Construction-hungry developers aren’t cakewalking through the City of Ottawa’s planning department on the way to putting shovels in the ground, planning bosses said Thursday, rebuffing public perceptions the application process is a rubber-stamp exercise.

New Gemstone boss maps out Ottawa expansion plans

Residential, Commercial  •  Ottawa Business Journal

Josh Zaret, recently promoted to president of Gemstone Corp., a family-owned and operated real estate company, has proposed developing a downtown Ottawa parking lot with plans, that if accepted, “will really rocket us to the next level on our trajectory.”

Podcasts from the real estate world

Residential, Commercial  • 

Jeff Kohn, Craig Coleman, Epic Investment Services: Strategy & management, CRE Library: Episode 46
Glenn Felson, PropTech and the Future of Real Estate author, Tenant Experience Network. Season 2, Episode 5
Chuck We, Hudson Pacific Properties: Creating a positive impact, Highview Partners People Who Perform: Season 2 Episode 7

Former Empire president Donald Sobey dead at 86

Commercial  •  Canadian Grocer  •  Globe and Mail  •  Halifax ChronicleHerald

Former Empire Company (EMP-A-T) president Donald Sobey has passed away at 86. Sobey, one of four children of Sobeys founder Frank H. Sobey, started with the family business in 1958. He joined Empire’s board of directors in 1963 and served as president from 1969-’85.

CRE worth $36B could be listed under Indian REITs: JLL

Commercial  •  livemint  •  moneycontrol

“India’s current office markets across seven major cities have potential space of 284 million square feet that could be securitised with an estimated value of $36 billion,” said Samantak Das, chief economist and head research & REIS, JLL.

CRE investors show increased appetite for risk: CBRE

Commercial  •  CBRE Blog

Commercial real estate investors in the Americas are showing a clear shift in risk tolerance and a preference for secondary markets in 2021, according to the findings of CBRE’s latest Americas Investor Intentions Survey.

DBS joins banks surrendering Hong Kong office space

Commercial  •  The Straits Times  •  livemint

DBS Group Holdings is set to join UBS Group and other global banks in giving up office space in pricey Hong Kong. DBS is surrendering some floors in Swire Properties’ One Island East tower in Quarry Bay, according to sources.

Arbutus-tree inspired rental tower proposed for Van.

Residential, Commercial  •  urbanYVR

An Arbutus-tree inspired all-rental tower is proposed for the corner of West 41st Avenue and Willow in Vancouver. The Arno Matis Architecture-designed 18-storey building will include 131 secured market rental units, 20 per cent of which will be designated as moderate income housing.

Tenants renegotiate leases as prices slip in major cities

Residential  •  Globe and Mail

Price reductions or promotions offering the first few months of a lease rent-free have become more common as Canadians working remotely move outside major cities or take advantage of low interest rates to buy properties of their own.

Feds watching housing markets ‘very, very closely’

Residential  •  Financial Post

Finance Minister Chrystia Freeland said the federal government is watching housing markets “very, very closely and carefully” after a CMHC report released on Thursday indicated the market on a national scale was becoming increasingly vulnerable to economic shocks.

Home Capital, mortgage-lender stocks surge

Residential  •  Globe and Mail (Sub. required)

Financial stocks with direct exposure to mortgage underwriting and lending have rallied sharply over the past year. Home Capital Group’s (HCG-T) share price has risen 88 per cent, First National Financial (FN-T). is up 115% and Equitable Group (EQB-T) is up 148%.