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Firm Capital to Melcor management: Take REIT private
Firm Capital to Melcor management: Take REIT private
Unhappy with years of discounted stock prices, FC Private Equity Realty Management Corp. is calling for Melcor REIT’s (MR-UN-T) majority shareholder Melcor Developments to take the trust private in a buyout to return about $100 million to minority shareholders.
Canada's CRE market might be about to turn the corner
The worst of the CRE downturn appears to be over and, while there are still challenges ahead, a sense of optimism emerged during a RealCapital discussion among senior Blackstone, Oxford Properties, Ontario Teachers', Hazelview, RioCan and RBC Capital Markets executives.
Empty offices hammering Canada's largest pension funds
Commercial real estate, once a stable, safe investment category, finance and real estate experts say, has been pushed onto shakier ground by a combination of hybrid work, expanding online retail and high interest rates, hammering Canadian pension funds.
Interest rates push more developments into receivership
To passersby, the construction site at Yonge and Bloor in downtown Toronto where The One, an 85-storey mixed-use development is slowly taking shape, looks just like any other, albeit on a grander scale.
Home Depot to open 600K-sq.-ft. GTA distribution centre
The Home Depot (HD-N) is opening a new distribution centre in Mississauga, near the Pearson airport. that will help the company cater to its biggest customers. The approximately 600,000-square-foot centre will open in the first half of 2024.
Wawanesa Insurance moves into 23-storey Wpg. HQ
A 23-storey tower at True North Square in Winnipeg now houses the national headquarters of Wawanesa Insurance. The 360,000-square-foot structure is the third tower built around the downtown square and is set to welcome 1,300 employees.
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1,000-plus new London apartments not enough: Developer
London’s tight apartment rental market will see some relief this year with more than 1,000 new units soon to be available, but it may take a decade to fully meet local demand, said Vito Frijia, president of London-based Southside Group.
SmartCentre's 62-storey tower takes step forward
SmartCentre REIT's 2021 proposal to build a 62-storey tower above preserved buildings dating back to the late 1800s on Toronto's Yonge Street is one step closer to reality following a nod of approval from heritage planners.
Ottawa-area builder moves ahead with mountain project
Just over an hour west of Ottawa on the shores of Lake Calabogie, Calabogie Peaks has launched the first phase of an ambitious plan to redevelop 700 acres on the mountain it owns into a master-planned community of six neighbourhoods.
$89M for Halifax Water's building called 'excessive'
The proposed $89-million price tag for a new Halifax Water operations centre in Burnside is not justified, says an evaluation for the Nova Scotia Utility and Review Board. The project's budget jumped from $52 million in April.
B.C. CRE layoffs may disproportionately impact women
Downsizing in B.C.’s commercial real estate industry could have an unintended bias, with experts signalling women may be hit hardest by layoffs as women-dominated teams such as public relations (PR), communications and marketing are often the first to go.
Harry Rosen launching $50M overhaul of stores
Luxury menswear retailer Harry Rosen says it will invest $50 million over the next five years to relocate its flagship store and transform several others. Its flagship store in Toronto will take over three floors on Cumberland Street.
Restaurant Brands names insider Sami Siddiqui CFO
Restaurant Brands International (QSR-T) on Thursday named Sami Siddiqui as its chief financial officer and made a slew of other leadership changes, as the company pushes ahead with its long-term goals and navigates weakness in some international markets.
U.S. office market world's most oversupplied: Brookfield
The troubled U.S. office market is the world's most oversupplied and property investors have taken on too much debt, Bradley Weismiller, Brookfield Asset Management's (BAM-T) managing partner for real estate capital markets, told the MIPIM property conference on Wednesday.
Time to buy as prices hit bottom: Blackstone
Real estate prices have bottomed and there’s a great opportunity to move fast and buy assets at beaten-down prices, according to Blackstone (BX-N) president Jon Gray.
Dollar Tree to close 1,000 U.S. stores after $1.7B loss
Dollar store operator Dollar Tree (DLTR-Q) reported a net loss of about $1.7B in its latest quarter and said it will close about 1,000 U.S. stores, including about 600 of its Family Dollar locations, in 2024.
TikTok continues U.S. real estate push
Even as Congress moves closer toward banning TikTok from operating in the U.S., the tech giant is moving forward on building out 57K SF across two full floors in the Moore Building at 827 19th Ave. on Nashville’s Music Row.
San Fran offers tax breaks for office conversions
San Francisco is making it easier to turn empty office buildings into homes. Proposition C offers a tax break for developers to convert up to five million square feet of commercial space by 2030.
$525B in multifamily loans will mature by 2029: Yardi
The multifamily market has 58,533 properties with loans set to mature over the next five years, representing $525 billion of the total $1.1 trillion of loans currently backed by apartments, according to a new report from Yardi Matrix.
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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