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Blackstone bets record $18.7B on Amazon effect
Blackstone bets record $18.7B on Amazon effect
• Bloomberg • IPE Real Estate • CNN
The mall is now a warehouse, and Blackstone Group LP is betting $18.7B on the shift. That’s what the alternative investment manager is paying for 179 million square feet of urban warehouses used by Amazon and other retailers to fulfill online orders.
Slate signs Golder to lease at Stephen Avenue Place
The redevelopment of the landmark downtown Calgary Stephen Avenue Place office tower is starting to pay dividends for Slate Canadian Real Estate Opportunity Fund I, despite a commercial real estate market that continues to face fierce challenges.
CIB announces $2B to expand GO Transit
• Canada Newswire • Financial Post • Urban Toronto
Canada Infrastructure Bank (CIB) announced an investment of up to $2 billion in financing in Ontario’s GO Expansion – On Corridor project. This is the second transit investment by CIB following the recently announced $1.28 billion commitment to Montreal’s Réseau express métropolitain (REM).
Rob Renaud takes on new roles at Devencore, SIOR
Rob Renaud has spent half his 46 years working in CRE. The Devencore principal, executive vice-president of global client solutions and broker of record recently marked two milestones; assuming his new Devencore role, and being elected a director for SIOR.
CRA finds $1B in unpaid taxes in B.C. and Ontario
• Toronto Star • Vancouver Courier
After going after tax evaders in overheated real-estate markets Canada Revenue Agency has identified more than $1 billion in unpaid taxes. The agency identified $604.5 million from Ontario and $422.6 million from British Columbia in the last four years.
Feds invest $47.5M in Port of Halifax
A federal investment of $47.5 million in the Port of Halifax is a game changer says the authority’s president and CEO Karen Oldfield. Two related projects will increase the capacity of the port and improve the flow of goods to global markets.
Federal government opens alternative work hubs
The federal government announced it will provide federal public servants with 385 workspaces across five sites in the National Capital Region. The pilot project called GCcoworking seeks to provide federal government employees with workplaces separate from their regular offices or homes.
CAPREIT closes on $279M Dutch multifamily sale
Canadian Apartment Properties REIT has closed on its $278.7 million sale of a 1,257-unit, 26-property Dutch multifamily portfolio to European Residential Real Estate Investment Trust (ERES), a deal that gives the Canadian REIT majority ownership and control of the European trust.
First National Canada’s sixth largest mortgage lender
The largest banks get the majority of investor attention however the more specialized financial company can deliver better growth. First National Financial, for example, is Canada’s sixth-largest mortgage lender administering $107B worth of mortgages without opening a single branch.
City of Calgary presses to demolish apartment building
• CBC
Calgary’s city council will be asked Tuesday to approve paying for the demolition of a privately-owned apartment building declared unsafe and unstable. In 2017, the seven-storey Kensington Manor was evacuated after the city deemed it in danger of imminent collapse.
A new Calgary parkade project comes with challenges
• CBC
Construction on a new $80-million parkade on 9th Avenue S.E. is well underway. But there’s one key thing that is just not allowed. Calgary’s CTrain runs through a tunnel that diagonally crosses underneath the construction site that cannot be disturbed.
Calgary’s economy poised for steady growth
• CBC
Calgary is on track to have five years of solid job growth that will bring the unemployment rate below six per cent according to the Calgary and Region Economic Outlook. The report predicts Calgary’s GDP growth will be 1.9 per cent for 2019.
Canadian Tire succeeds in stalling Amazon
Amazon’s popularity is growing in Canada, but there’s a pebble in its shoes: Canadian Tire. So, sales in some product categories are suffering, according to a BMO Capital Markets study. In the past 12 months, 93% of Canadians have purchased from Amazon.ca.
Lesson from Barcelona on data, smart city projects
Barcelona’s chief technology and digital innovation officer believes the protection of personal data is a “fundamental right” for citizens. Francesca Bria, the city’s top expert and adviser on technology, information and digital strategies, is a leading proponent of “data sovereignty”.
Another Toronto school building faces cloudy future
The Danforth Ave. City Adult Learning Centre and Davisville Junior Public School, now slated for demolition, opened in the 1960s designed by the same team of architects. Recent budget cuts by the provincial government make this a real possibility.
28-storey Vancouver rental building proposed
IBI Group Architects has filed a rezoning application on behalf of Jameson Development Corp. to build a 28-storey rental building. Opponents argue a 28-storey building is inappropriate at that location and would set a precedent in South Granville.
Montreal bylaw intended to find affordable-housing fix
As home prices continue to climb, Montreal is getting ready to enact a bylaw requiring condo developers to build a certain number of off-market units in every new residential tower, a move developers are concerned will make future projects unprofitable.
Engineers suspended over condo that fails to meet code
• CBC
After a years-long investigation, two engineers at the helm of a single engineering firm have been suspended for their work on a 40-storey condo tower called the Ultra in Surrey, B.C. that later failed to meet building code.
False Creek co-ops face a moment of change
• Globe and Mail (Sub. required)
They live in the model community, a success story of livability. However, residents of Marina Housing Co-operative in Vancouver’s False Creek South neighbourhood are feeling anything but secure in their housing situation, even though they live on city-owned land.
Short-term accommodation rentals double-edged sword
Total revenue from private short-term accommodations in Nova Scotia increased by 64 times the past four years to $70 million. It’s significant enough for the province to pass new legislation requiring online registration, except for those renting their primary residences.
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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