Crestpoint buying assets, land to expand industrial portfolio

RENX  Commercial  •  Industrial  •  Ottawa

Crestpoint Real Estate Investments Ltd.’s aggressive approach to industrial acquisitions continued with the recent purchase of a four-property Ottawa-area portfolio from Huntington Properties for just over $50 million.

2021 summer CRE in review: RENX’s top stories

RENX  Residential, Commercial  •  Industrial, Office, Retail, Apartments, Condominiums  •  National, International

Worried you might have missed something important from the commercial real estate world while you were away? As always, RENX is here to help. We’ve compiled the most significant, and most-read, articles we published through the summer months.

Delta variant wreaking havoc on supply chains

Commercial  •  Globe and Mail (Sub. required)

Factory orders are piling up. Shipping costs are pricier than ever. And key materials are in short supply. Eighteen months into the COVID-19 pandemic, companies are grappling with supply-chain troubles that are proving more durable than initially thought.

Canadian real estate has become an economic drag

Residential  •  Globe and Mail (Sub. required)  •  Financial Post  •  Financial Post

The exuberance for real estate was a bright spot in the pandemic’s darkest days, a slight offset to devastation in other parts of the economy. Now, as housing activity cools, the industry has become a drag on the economy.

Illness claims SmartCentres’ CEO Peter Forde

Commercial  •  Globe Newswire

The Board of Trustees of SmartCentres REIT (SRU-UN-T) announced the death of Peter Forde, who had served as president and CEO until illness forced him to take a medical leave of absence. Mitchell Goldhar will assume the role of CEO.

Petra Group founder dead at 80

Residential, Commercial  •  CTV  •  La Presse

Giuseppe Borsellino, who founded the Petra Group in 1986, died Wednesday night of a heart attack at 80. Groupe Petra’s real estate portfolio includes several large-scale buildings in Montreal, including 1000 de la Place Gauchetière West and the CIBC Tower.

Sponsored by Yardi Three opportunities residential owners are unlocking

If you’re still feeling the impact of the pandemic, you’re not alone. Disruption caused by the virus has affected all business sectors, perhaps none more than property management as the global population of renters was told to “stay at home.”

Industrial boom fuelled by online shopping: JLL

Commercial  •  Financial Post

The industrial real estate boom shows no sign of abating in Canada, driven in part by the pandemic’s surging need for warehouses to hold online shopping orders and building materials for renovation projects, according to a new JLL report.

Ont. hotel chain dragged into Hong Kong security case

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

The 157-year-old Prince of Wales Hotel is one of three hotels in Niagara-on-the-Lake operated by Lais Hotel Properties Ltd. The chain, owned by Hong Kong tycoon Jimmy Lai, was cited in a recent court case in Hong Kong alleging collusion.

Secrecy underpins three Van. real estate revelations

Residential  •  Business In Vancouver  •  Vancouver Sun

Three recent revelations by media related to Vancouver’s real estate industry have stirred debate over the apparent upper hand wealthy elites, corporate interests and our elected representatives have in purchasing and controlling residential property.

Duo founds female-centred real estate startup

Residential  •  Globe and Mail (Sub. required)

Sheryl Song and KD Dao saw a business opportunity in helping Toronto-based women find a safe place to rent. In January 2020, they founded Ryna, a leasing service allowing individual women to meet each other online and rent shared apartments together.

Horizons introduces leveraged sector ETFs

Commercial  •  Financial Post  •  Canada Newswire

Horizons ETFs Management (Canada) Inc. last week launched a pair of leveraged ETFs that track the Solactive Equal Weight Canada REIT Index, and give investors the chance to place bets either for or against the sector.

Kansas City Southern agrees to re-engage with CP

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

Kansas City Southern has agreed to re-engage with Canadian Pacific Railway Ltd. after the U.S. transportation regulator placed a roadblock in the path of the bid from rival Canadian National Railway Co.

Ivanhoé JV makes debut co-living deal

Residential  •  IPE Real Assets

A co-living joint venture between Ivanhoé Cambridge, Bouwinvest Real Estate Investors and Greystar Real Estate Partners has acquired its first asset. The venture has is buying a Greater Paris asset with a plan to deliver over 370 new co-living units.

San Fran, L.A. office vacancies threaten CMBS loans

Commercial  •  Bloomberg

Office vacancies are rising again as the COVID-19 delta variant rages and as large tenants end leases, especially in tech hubs with older buildings. That could lead to cash-flow problems for commercial mortgage bonds containing loans tied to the properties.

Blackstone to list Cosmopolitan of Las Vegas for $5B

Commercial  •  Bloomberg

Blackstone Inc. is again looking to the sell the Cosmopolitan of Las Vegas resort for $5 billion or more, according to sources. Apollo Global Management Inc., which has been acquiring gambling businesses around the world, is exploring an offer.

T.O.’s Casa Condos launches amenity vaccine policy

Residential  •  CBC  •  Toronto Star

Casa Condos, a condominium building at 33 Charles St. E. in downtown Toronto, has informed its residents they will need to prove they are vaccinated against COVID-19 to use its amenities — a move a lawyer warns could be challenged in court.

Arbitrator rules partially in favour of renovicted B.C. tenants

Residential  •  CBC

Two of the four long-term tenants of a century-old housing complex in Vancouver have been told they can stay in their homes after they contested an eviction notice from the members of the Jakovljevic family that owns Edmonton-based Avala Equities.

Montreal-area sales, new listings down about 30% YOY

Residential  •  Toronto Star  •  Montreal Gazette  •  Globe Newswire

The Quebec Professional Association of Real Estate Brokers says August home sales and new listings in the Montreal region were down about 30 per cent each from last year. Sales in the region amounted to 3,372 in August, down from 4,847 year-over-year.

Prices increasing in Calgary’s rental market

Residential  •  CBC

High prices, bidding wars and absolutely zero incentives for tenants in Calgary’s rental market is making it a landlord’s world. As Alberta recovers from COVID-19, many are looking for new places to live, driving up prices and lowering supply.